Welcome to the Argentine Weekly Summary Report. What you’ve been waiting for: the national government published Decree 149/2025 in the Official Gazette, which prohibits the inclusion of compulsory contributions to business chambers in collective labor agreements. The measure ensures that agreements only regulate working conditions and do not impose additional economic burdens on labor relations, following the poor use of societal resources, lack of oversight, and absence of results.
The government dissolved the Airport Security Infrastructure User Trust Fund. An audit by the General Audit Office of the Nation identified flaws in the fund’s operations, such as the lack of project planning to address security aspects, absence of management indicators, contracts executed outside the trust’s purpose, lack of financial statements, failures in safeguarding the trust’s funds, and deficiencies in management oversight, among others. Additionally, during the fund’s operation, significant duplication of contracts was observed from 2023 until January 2025.
Public employment was significantly reduced, with a total cut of 41,142 jobs. The majority of these reductions were concentrated in centralized and decentralized administration, followed by state-owned enterprises. The “chainsaw” approach is aimed at achieving fiscal balance and enabling tax reductions. The Ministry of Human Capital was reformed: the Undersecretariat for Solidarity Economic Innovation and the Secretariat of Social Policies were eliminated.
This gave way to the Undersecretariat for Human Promotion. With this transformation, intermediation in social assistance was eliminated; now, food provision will be the only direct channel. Spending was reduced by 31% in administrative units, in addition to a prior 20% cut. An end was put to programs with no real impact, including funding for social organizations and the distribution of household appliances. Soup kitchens will begin receiving direct funds instead of food, with oversight on their use.
Public resources will no longer finance clientelism. The General Secretary of the Presidency, Karina Milei, met in Toronto with Jonathan Price, CEO of Teck Resources, the fourth-largest mining company in Canada, focused on copper, zinc, and other critical minerals. The company is currently conducting explorations in San Juan and Mendoza. During the meeting, the economic and regulatory reforms being advanced by the national government were presented, particularly the RIGI (Regime of Incentives for Large Investments), which offers legal certainty and clear rules for investors—something that hasn’t happened in our country for many years.
The company expressed great optimism about what is happening in Argentina. The General Secretary has held important meetings with high-level Canadian business leaders and also led the official delegation at Argentina Day, held during PDAC 2025, the world’s leading mining exposition. Tax revenue in February 2025 recorded real growth despite the tax cuts promoted by Milei, demonstrating that reducing fiscal pressure boosts the economy and strengthens public finances.
This phenomenon is explained by the Laffer Curve: lowering tax rates incentivizes investment, consumption, and formalization. Recent data show positive signs in the economy following the implementation of the stabilization plan. Economic activity, measured by the EMAE (Monthly Estimator of Economic Activity), hit a low of 95.6 in April 2024 but reversed the trend, reaching 101.7 in November of the same year, reflecting a progressive recovery according to the monitor.
Year-over-year data from August 2024 to January 2025 shows an improvement in economic activity: 4.3% in industry, 6.2% in construction, 5.7% in imports, 21.3% in vehicle registrations, and 37.2% overall. At the same time, monthly inflation, which reached 25.5% in December 2023, experienced a sharp slowdown and is projected at 1.5% for 2025, according to analysis by Bohan Global Research published by INDEC.
We can see how inflation began to drop rapidly, reaching 2.2% in November 2024. The national government is advancing in conquering global markets to ensure the full integration of Argentine products into the world. Agro-industrial exports in 2025 reflect a positive improvement of 25% in volume.
Highlighted products include sugar, peas, oranges, rice grains, bacon and beef fats, pears, soybeans, and chocolate. More sales, more growth, more Argentina in the world. The IMF’s “Freedom in the World 2025” report shows Argentina ranks among the freest countries in South America, placing 52nd globally. Step by step, Argentina is becoming one of the freest countries in the world. I invite you to follow us, and we’ll see you next week.
