Argentina Economy Minister Guzman Resigns as Crises Build

Argentina’s economy minister Martin Guzman resigned on Saturday, a blow to a government beset by mounting economic crises. Guzman, who led Argentina’s debt restructuring deal with the International Monetary Fund and creditors, posted a letter to his Twitter account announcing his decision. “I write to you to present my resignation as economy minister,” Guzman said […] The post Argentina Economy Minister Guzman Resigns as Crises Build appeared first on Voice of Nigeria.

Argentina Economy Minister Guzman Resigns as Crises Build

Argentina’s economy minister Martin Guzman resigned on Saturday, a blow to a government beset by mounting economic crises.

Guzman, who led Argentina’s debt restructuring deal with the International Monetary Fund and creditors, posted a letter to his Twitter account announcing his decision.

I write to you to present my resignation as economy minister,” Guzman said in a letter addressed to President Alberto Fernandez.

The government is facing its lowest approval rating since taking office in 2019. Inflation is running above 60% and the peso currency is under growing pressure. Sovereign bonds have plummeted.

People are ‘skeptical’ about the economy and infighting in the governing coalition between moderates like Guzman and a more militant wing.

Guzman said “there should be a political agreement within the governing coalition” to choose his successor.

Miguel Kiguel, former secretary of finance in Argentina, told Reuters that whoever takes over will have a tough time, noting that inflation could hit 80% this year and there is a gap of nearly 100% between official and parallel currency exchange rates.

We don’t know who’s coming but this will be a very hot potato,” Kiguel said. “Whoever comes is going to have a very complicated time.”

 

 

 

Reuters /Shakirat Sadiq

The post Argentina Economy Minister Guzman Resigns as Crises Build appeared first on Voice of Nigeria.