The move is part of a sweeping devaluation and cutback plan announced by Javier Milei since he took office on December 10 to transform Argentina's struggling economy .
Protesters climb the fence of the National Congress during demonstrations against economic measures announced by President Javier Milei in Buenos Aires, Argentina, Wednesday, Dec. 20, 2023. AP Photo/Gustavo Garello
The contracts of other government employees hired before 2023 will be reviewed, officials said.
With inflation expected to hit around 200% by the end of the year, Mr Milei has pledged to cut government spending and wages, while allowing the privatisation of state industries as a way to boost exports and investment.
The cuts have sparked protests, but Milei has vowed to continue. “The goal is to start the path to rebuilding our country, to give back freedom and autonomy to individuals and to start transforming the vast amount of regulation that has prevented and stalled economic growth,” he said.
Some 300 previously announced changes would open up more government companies to privatization and loosen protections for tenants, employees and shoppers.
These steps included a 50% devaluation of the Argentine peso, cuts in energy and transport subsidies, and the closure of several government agencies.
Milei, a 53-year-old economist who rose to fame on television with his satirical diatribes against what he called the political class, became president with the support of Argentines suffering from the effects of the economic crisis.
Mai Anh (according to AP)
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