Milei announces a decree to deregulate the Argentine economy and privatize public companies

MADRID, 21 Dic. (EUROPA PRESS) -

The president of Argentina, Javier Milei, announced this Wednesday a Decree of Necessity and Urgency (DNU) that eliminates numerous laws and regulations to deregulate the economy and allow the privatization of public companies.

"Today is a historic day for our country. After decades of failures, impoverishment, decadence and anomie, today we formally begin the path of reconstruction," Milei said during a televised speech.

The DNU contains 366 articles aimed at "unlocking the oppressive legal and institutional framework" and in its first article declares "the public emergency in economic, financial, fiscal, administrative, pension, tariff, health and social matters until December 31, 2025 ", as published by the Télam news agency.

The "shock stabilization plan" will modify the regulatory framework of prepaid medicine and social works and eliminate some of the laws that regulate their operation, as will happen with the prepaid industry sector, pharmaceutical companies, the tourism sector , automobile registration, soccer clubs, land law, the modification of the civil and commercial code, and the total or partial section of the Aerolíneas Argentinas share package.

Regarding public companies, the president has announced the elimination of the regulations that prevent their privatization and will transform them into public limited companies as a prior step to their sale; Labor laws will also be reformed to "facilitate the process of generating genuine employment."

Likewise, the Government will promote "an economic system based on free decisions" through the "deregulation of commerce, services and industry throughout the national territory", which is why it has left "without effect" any restriction on the supply of goods. and services and regulations that "distort market prices, impede free private initiative or prevent the spontaneous interaction of supply and demand."

Before Milei's speech, thousands of Argentines gathered in the Plaza de Mayo in Buenos Aires, guarded by a strong police presence, to protest the latest announced measures that seek to drastically cut public spending.