The president of Argentina, Javier Mileydecided this Friday to eliminate millionaire trust funds by decree that it considers to be “political funds,” official sources reported.
«Milei decided to eliminate certain trust funds that lack transparency and that are part of what we call policy boxes»the presidential spokesperson announced this Friday at a press conference, Manuel Adorni.
He specified that these funds represent about half a point of the gross domestic product (GDP), around 2 billion dollars.
The Milei Government, which is carrying out a fiscal ‘shock’ plan, with strong cuts in public spending, considers that trust funds are “political funds” that have been administered on a discretionary basis.
Among these funds, almost thirty, there are trusts related to financing public infrastructure, housing, agriculture and productive development, among others.
“We are going to finish with these boxes,” Adorni asserted.
The elimination of these trust funds was one of the points included in the so-called ‘omnibus law’ that the Executive promoted with a series of reforms, mostly economic, and whose treatment failed in Congress last week.
Faced with this legislative setback, Milei, who assumed the Argentine Presidency on December 10, has decided to advance by decree with some points of his reform plan.
In this sense, Adorni said this Friday that the Government “will take actions, whether legislative or executive, so that effectively” the content of the ‘omnibus law’ project “sooner or later, becomes a reality.”
In the case of trust funds, their elimination as part of the bill was highly questioned by provincial governors, whose states receive part of the resources that emanate from these trusts.
“It is striking how politics does not agree to make millionaire funds transparent that no one knows exactly how they are used”Adorni said. EFE (I)
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