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Argentina’s Caputo announces peso devalution to 800 per dollar, spending cuts

Argentina's Caputo announces peso devalution to 800 per dollar, spending cuts
© Reuters. FILE PHOTO: Argentina’s Minister of Economy Luis Caputo speaks to the press, one day after the inauguration of Argentina’s President Javier Milei, in Buenos Aires, Argentina, December 11, 2023. REUTERS/Agustin Marcarian/File Photo

BUENOS AIRES (Reuters) – Argentine Economy Minister Luis Caputo laid out the new government’s economic shock plan on Tuesday, targeting public spending and a sharp currency devaluation as it looks to defuse the country’s worst economic crisis in decades.

In a prerecorded announcement Caputo said the peso would be weakened to around 800 per dollar from some 365 now, discretionary transfers to the provinces would be cut to a minimum and public work tenders would be halted.

Caputo added that the government of libertarian President Javier Milei would reduce energy and transport subisidies, though would double social spending for the poorest, a bid to avoid a rise in povertry already at above 40%.

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