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InterviewsMarch 1 2018

Argentina’s treasury minister embraces global re-engagement

Argentina’s treasury minister, Nicolas Dujovne, talks to Silvia Pavoni about reversing damaging fiscal decisions and bringing investment back to the country.
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Since Mauricio Macri’s election as Argentina’s president in 2015, the country has earned praise from market practitioners, investors and trade partners alike by re-engaging with the international community and normalising its economy. Latin America’s third largest economy had been cut off from the markets since its disastrous 2001 sovereign debt default and the bitter legal battle with holdout investors that followed.

Foreign claims settled, the new administration has passed a number of important reforms that introduced fiscal discipline and will hopefully improve competitiveness. Gross domestic product (GDP) growth for 2017 is expected to have reached about 3% and is set to rise further in 2018; the primary fiscal deficit has become a key target and was reduced to 3.9% in 2017, with a plan to slash it further to 1.2% by 2020. Inflation is under control, managed by an independent central bank, and hovering at about 25%, down from 41.2% in 2016, and set to decrease further to 15% by the end of 2018.

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Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.
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