Argentine Economy Minister Martín Guzmán Resigns Amid Inflation, Diesel Woes

Date: 03 July 2022 - 21:58

News ID: ۱۰۴۳۹۱

BUENOS AIRES (NY Post) -
Argentina’s economy minister resigned unexpectedly Saturday, dealing a fresh blow to the government of President Alberto Ferández as the country struggles with economic problems.
Martín Guzmán stepped down after a week in which Argentina’s currency hit an all-time low against the dollar amid sizzling inflation and truck drivers staged protests over shortages of diesel fuel.
“I write to you to present my resignation as economy minister,” Guzmán said in a seven-page letter addressed to Fernández that he published on Twitter that highlighted internal battles within the administration.
Illustrating the tensions, Guzmán announced his resignation while Vice President Cristina Fernández was giving a high-profile speech in which she lambasted the government’s economic policies. The vice president, who is not related to Argentina’s leader, is a former president herself and the governing coalition has been splintering between their allies.
With the Argentine peso sliding against the dollar, the government on Tuesday made it harder to acquire dollars to pay for imports as the local currency reached new lows in the parallel market used by citizens and companies to bypass official channels.
Argentina has suffered for years from a shortage of dollars, which stems partly from the distrust of Argentines in their own currency amid high inflation. Inflation is running at an annual rate of more than 60% and economists expect the rate to keep worsening.
Work stoppages by truck drivers have disrupted economic activity, including the delivery to ports of grain, which is one of Argentina’s main imports.