Alberto Ades presents economic plan to Argentina's cabinet

Economist Alberto Ades has emerged as a potential figure for Argentina's Ministry of Economy following an invitation from President Javier Milei to present his economic vision to the cabinet. Ades, a Wall Street-based specialist, presented during a meeting where current Economy Minister Luis Caputo was absent due to health reasons.

Ades's proposal focuses on three main pillars: adjusting restrictive monetary policy to prevent stifling investment, addressing high delinquency rates and credit costs to reactivate production, and managing the exchange rate debate. He suggested that a real depreciation could alleviate pressure on certain sectors.

The presentation highlighted concerns regarding the current exchange rate, which is reportedly 30% below the 20-year average. While the government has noted gross purchases of USD 36 billion, approximately USD 26 billion were utilized to settle debts with private creditors and international organizations, resulting in a net accumulation of roughly USD 10 billion. This occurs amid warnings from various sectors regarding economic deceleration and low GDP growth forecasts.