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Argentina Economy Minister Guzman Resigns as Crises Build | World News

BUENOS AIRES (Reuters) – Argentina’s economy minister Martin Guzman resigned on Saturday, a blow to a government beset by an economic crisis.

Guzman, who has led Argentina’s debt restructuring agreement with the International Monetary Fund and lenders, posted a letter on his Twitter account announcing his decision.

“I am writing to you to submit my resignation as Minister of Economy,” Guzman said in a letter addressed to President Alberto Fernandez.

The government is facing its lowest approval rating since taking office in 2019. Inflation is running above 60% and the peso currency is under increasing pressure. Sovereign bonds have declined.

People are skeptical of the economy and the ruling coalition is in conflict with moderate and more militant factions like Guzman.

Guzman said there should be “a political agreement within the ruling coalition” to elect his successor.

Miguel Kiguel, Argentina’s former finance secretary, told Reuters that anyone taking charge would have a difficult time, noting that inflation could hit 80% this year and that there is a gap of about 100% between the official and parallel exchange rates.

“We don’t know who’s coming but it will be a very hot potato,” Kiguel said. “Whoever comes will have a very complicated time.”

(Reporting by George Otaola and Alexander Villegas; Editing by Jonathan Otis and David Gregorio)

Copyright 2022 Thomson Reuters.

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