Milei eliminates a ministry and gives more power to Caputo in Economics

Argentine President Javier Milei completed his first cabinet reform with the elimination of the Ministry of Infrastructure

The Argentine president, Javier Milei, finished his first cabinet reform with the elimination of the Ministry of Infrastructure and the strengthening of the Economy minister, Luis Caputo, who takes control of the area that was in charge of the official that Milei fired this week.

Milei asked for the resignation of the former Infrastructure minister, the civil engineer Guillermo Ferraro, and decided that the portfolio that deals with public works, housing, communications and transport policies becomes a Secretariat within the Ministry of Economy.

Economy already had the secretariats of Finance, Treasury, Energy, Commerce, Treasury, Legal and Administrative, Agriculture, Livestock and Fisheries; Economic Policy; Mining; Industry and Productive Development, some of which had been ministries in the previous Government, that of the Peronist Alberto Fernández (2019-2023).

Although he defends the independence of the Central Bank, the president of the monetary entity is Santiago Bausili, a partner of Caputo in his private consultancy Anker Latin America and who had replaced him as Finance secretary in the administration of Mauricio Macri (2015-2019).

Caputo, a 58-year-old economist – who had been Finance minister of the Macri government, before presiding over the Central Bank in the final stage of the center-right’s term – has the challenge of ordering an economy with strong macroeconomic imbalances.

By assuming this ‘superministry’, the head of the Treasury Palace closes a week of high profile for having defended the increase in taxes and the change in the formula for updating pensions proposed in the ‘omnibus law’ that Milei sent to Congress.

However, these measures along with others that increased income and were part of the fiscal package included in the ‘omnibus law’ were withdrawn from the project.

K. Tovar

Source: BancayNegocios

(Reference image source: X, @jdoedoe101101)

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