The official poverty rate in Argentina has surged to 52.9% during the initial six months of Javier Milei’s presidency, according to a report by the government statistics agency. This increase from 41.7% highlights the impact of Argentina’s severe austerity measures implemented under Milei’s leadership. The report also reveals that an additional 5.2 million individuals have fallen into poverty during Milei’s short time in office, demonstrating the challenges faced by the country’s population.

The rise in poverty rates signifies a setback for the far-right economist, despite receiving support from foreign investors and the International Monetary Fund, which Argentina currently owes $43 billion. The austerity measures, described as fiscal shock therapy, have exacerbated the economic hardships experienced by many Argentinians.

Ahead of the release of the poverty report, Milei’s spokesperson held a lengthy press conference to address the impending negative news. Manuel Adorni, the spokesperson, attributed the deteriorating economic situation to the legacy of excessive spending by Milei’s left-leaning Peronist predecessors. Adorni criticized the previous administrations for leaving Argentina on the verge of widespread poverty, emphasizing the need for immediate action to address the country’s economic challenges.

The growing poverty rate poses significant challenges for Milei’s presidency and underscores the pressing need for effective economic policies to alleviate the hardships faced by millions of Argentinians. As the government grapples with the implications of the latest poverty figures, there is a heightened focus on addressing the root causes of poverty and implementing strategies to promote sustainable economic growth and development. The report serves as a stark reminder of the persistent inequalities and economic vulnerabilities that continue to affect Argentina’s population. Efforts to mitigate the impact of rising poverty rates are essential to ensuring the well-being and prosperity of all citizens in the country.