Milei off to Davos, has meeting arranged with IMF’s Georgieva

Milei off to Davos, has meeting arranged with IMF’s Georgieva

Argentine President Javier Milei is departing Monday to Davos, Switzerland, on regular airline flights with stopovers in Frankfurt and Zurich to participate in the World Economic Forum (WEF). According to Casa Rosada sources quoted by local media in Buenos Aires, he is also to have a one-on-one meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

It will be the first time Vice President Victoria Villarruel is left at the helm of the Executive since the Libertarian government took office on Dec. 10, 2023.

Joining Milei’s entourage will be Ministers Diana Mondino (Foreign Affairs) and Luis Toto Caputo (Economy), and Cabinet Chief Nicolás Posse. In addition to Georgieva, Milei may meet with French President Emmanuel Macron, according to Noticias Argentinas.

During this past weekend, Milei warned that his country would continue “suffering high inflation for a few months” but insisted that if his plan is maintained “in this path of austerity, the cleaning up and the reorganization of the Central Bank”, his administration will be able to “bring down inflation.”

In a radio interview, Milei also foresaw that if his most-encompassing emergency decree (DNU) and the so-called Omnibus Law bill are approved, Argentina “would climb 90 places in the ranking of economic freedom” and “would be in a position to enter a path so that, in a reasonable period of time, it would resemble countries such as France and Germany.”

“The fact that the first month has ended with a 25% inflation rate is an enormous achievement”, Milei also said while explaining that such a figure was the result of “a strong fiscal adjustment so that there is no more need to issue money to finance the Treasury, a process of reorganization of the Central Bank, which is underway, and a sincere [currency] exchange market.”

He also asked Congress to pass the omnibus law, warning that “the zero deficit is not negotiable” because if no progress is made, “the adjustment that will have to be made will be greater.”

“The more procrastination and nonsense is done from politics, the more the market bills you,” Milei argued. The current crisis stems from “the State and politicians generating fiscal deficit,” the president also explained.