Poverty in Argentina hits 20-year high amid financial struggles
Date
2/20/2024 2:04:53 AM
(MENAFN) According to a report released by the Argentine Catholic University and covered by local media, poverty levels in Argentina surged to 57.4 percent in January, marking the highest recorded level in at least two decades. The report attributed this alarming increase to the devaluation of the peso, a measure initiated by President Javier Milli shortly after assuming office in early December. The subsequent rise in prices further exacerbated the already dire situation, with poverty rates climbing from 49.5 percent at the end of the previous year.
In a social media post, President Milli expressed concern over the stark reality reflected in the report, referring to it as the "true legacy of the class model," highlighting the profound impact of economic policies on the lives of everyday Argentines. The widespread prevalence of poverty, with six out of every ten citizens affected, underscores the urgency of addressing systemic issues and implementing effective measures to alleviate the suffering of vulnerable populations.
Despite the grim economic indicators, the Argentine Ministry of Economy reported a surprising January budget surplus of 518.41 billion pesos (USD620.85 million). This marked the first time in nearly a decade that the country recorded a positive budget balance, offering a glimmer of hope amidst the prevailing economic challenges. However, it remains unclear how this surplus will translate into tangible improvements for those grappling with poverty on a daily basis.
Reuters, in its attempt to verify the details of the report, has been unable to obtain a copy, and the Argentine Catholic University has not responded to requests for comment. The lack of transparency surrounding the report's methodology and findings adds to the complexity of the situation, leaving many questions unanswered and highlighting the need for greater accountability and collaboration in addressing Argentina's socio-economic challenges.
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