From Ministries To Mansions: Argentina’S Massive State Property Purge

(MENAFN- The Rio Times) President Javier Milei's administration has unveiled a daring plan to shrink Argentina's government. The plan involves selling over 1,200 state-owned properties across the country.

This decision aims to tackle the nation's economic woes and reduce public spending. The government formalized this initiative through Decree 950/2024.

The Agency for State Property Administration (AABE) will oversee the sale of these assets. Presidential spokesperson Manuel Adorni announced that more than 400 properties will go to auction.

An additional 800 properties will be put up for sale. The government expects to raise about 800 million dollars from these sales. This money will go directly into the national Treasury.

The first auctions are set to begin before the end of 2024. The properties on offer include a diverse range of assets. These range from vacant lots to fully functional buildings.



Some notable properties include the former Women's Ministry headquarters in Buenos Aires. This building alone is valued at 12.5 million dollars.
Selling State Properties to Tackle Economic Challenges
Another significant property is a 919-square-meter plot on Cerviño Avenue. This land currently houses the National Institute of Agricultural Technology.

The sale list also features 201 properties in Santa Fe City. Properties seized in corruption and drug trafficking cases are also up for grabs.

These properties are spread across 17 of Argentina's 24 districts. They include major cities and provinces like Buenos Aires, Cordoba, and Mendoza. Other regions such as Chubut, La Pampa, and Tierra del Fuego are also represented.

The Milei administration argues that this move serves multiple purposes. It aims to cut unnecessary state expenses and improve efficiency in managing state assets.

The government also sees this as a way to generate income from underused properties. This initiative is part of a broader strategy to address Argentina's economic crisis.

It follows other fiscal adjustment measures implemented by Milei's government. These include dissolving state agencies and planning to privatize public companies.

The decree cites previous attempts to sell state properties dating back to 2016. However, these earlier efforts did not materialize. The current government seems determined to see this plan through.

While the government presents this as a resource optimization measure, it has sparked debate. Some worry about the state potentially abandoning its functions in certain areas.

Others see potential for real estate deals due to the strategic location of some properties. Critics also point out that despite reducing state services, the promised tax cuts have not materialized.

This has led to questions about the overall strategy of the government. As Argentina moves forward with this ambitious plan, its impact remains to be seen.

In short, the coming months will likely see intense discussions about its economic and social implications. The success of this initiative could shape the future of Argentina's public sector.

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