Argentina’s Economy Ministry announced Friday that the public sector had a AR$523.4 billion financial surplus in October — the ninth consecutive month in which the national government registered a positive fiscal balance. Javier Milei, who campaigned on building surpluses, has been able to achieve his aims by enacting abrupt and often draconian austerity measures.

The primary fiscal balance represents the difference between a government’s revenues and its expenditures, whereas the financial balance constitutes that difference plus net interest payments on public debt. The government secured surpluses for each.

“This compares to a financial deficit for the same month of 2023 of AR$454 billion, which is equivalent to AR$1.3 trillion pesos adjusted for inflation,” Economy Minister Luis Caputo posted on X. “In other words, the difference in financial results versus October 2023 is AR$1.8........

© Buenos Aires Herald