Caputo says ‘Argentina has been laid waste over last 25 years’

Economy Minister Luis Caputo has warned that Argentina has been "laid waste" over the past 25 years and the government must "rebuild the country," according to a recent speech to the Bolsa de Comercio de Córdoba chamber group and think tank. Caputo, who has served in government twice, highlighted the trauma Argentina has endured through several economic crises, including the 2001 debt default and the 2011 "corralito" banking freeze.

Despite never experiencing a war, the nation has faced constant aggression, instilling fear in its people, according to Caputo.

The minister defended the current administration's economic program, stating that they are tackling the problem at its root, a move not seen in over a century. The issues at hand are primarily the debt, the dollar, and inflation. Caputo emphasized that this is a stabilization program, and Argentina will not become Switzerland overnight.

Argentina's economic landscape is marked by uneven growth across sectors. The energy and mining industries are thriving, attracting dollar inflows and bolstering the Central Bank's balance sheet. This positive trend has provided enough dollars for exchange-rate stability, preventing the economic turmoil of the past. Major investors are expected to inject up to US$50 billion into Argentina through the RIGI investment incentive scheme.

Caputo criticized the economic policies of former President Alberto Fernandez's administration, which he believes contributed to increased inflation and poverty. He stressed the need to persevere and deepen the current changes, pointing towards Argentina's downward trajectory under previous governments. Regarding the 2027 elections, Caputo emphasized the importance of electing a leader with the conviction and personality of President Javier Milei.