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Milei, who is pledging economic shock therapy such as shutting the central bank and dollarization, won a second-round runoff vote on Sunday with some 56% to rival Sergio Massa's 44%. Milei now faces the huge challenge of turning around the economy once he takes office on Dec. 10. "It is an economy that is in intensive care," said Miguel Kiguel, a former undersecretary of finance at the Economy Ministry in the 1990s. A central bank poll of analysts forecast 185% inflation by the end of the year. In a bid to tamp down inflation Argentina's central bank has hiked the benchmark interest rate to 133%, which encourages saving in pesos, but hurts access to credit and economic growth.

Persons: Javier Milei, Sergio Massa's, Milei, Miguel Kiguel, Lucio Garay Mendez, Vaca Muerta, Eugenio Marí, Hernan Nessi, Adam Jourdan, Daniel Wallis, Chris Reese Organizations: Economy Ministry, Reuters Graphics Reuters, Coldplay, Reuters Graphics, CENTRAL, International Monetary Fund, Libertad y Progreso Foundation, Thomson Locations: BUENOS AIRES, dollarization, Argentina, China, Brazil

[1/2] Argentina's presidential candidate Sergio Massa gestures during a press conference a day after the first round of Argentina's presidential election, in Buenos Aires, Argentina October 23, 2023. Local media reported similar though more informal campaigns in some hospitals, and the energy secretary warned the price of subsidized gas could double. 'CHAINSAWING' THE WELFARE STATE? "At the other end of the chainsaw he totes at rallies are the pocketbooks of millions of Argentines," he added. Additional reporting by Candelaria Grimberg and Lucinda Elliott; Editing by Adam Jourdan and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Cristina Sille, Sergio Massa's, Javier Milei, Massa, Milei, Amparo Anzaldi, Benjamin Gedan, Wilson, Cristina Fernandez de Kirchner, Ana Monclus, meanwhile, Anna, Catherine Brigida, Candelaria Grimberg, Lucinda Elliott, Adam Jourdan, Aurora Ellis Organizations: REUTERS, Argentine Economy, Peronist, Massa, Local, International Monetary Fund, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Argentine

☆ Argentine executives pitch fiscal discipline as election hits home stretch
▼ + stars: | 2023-10-11 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

The candidates mostly agree, however, on reducing the government's large fiscal deficit, like many business leaders. "We Argentines must stop arguing about obvious things like public spending," said Javier Goni, CEO of agribusiness company Ledesma. The election is playing out as the government struggles to service its $44 billion loan with the International Monetary Fund. The IMF forecasts that Argentina's economy will shrink 2.3% this year, with central bank reserves in the red after a historic drought trimmed $20 billion from key agricultural exports. Reporting by Jorge Otaola; Writing by Brendan O'Boyle; Editing by David Alire Garcia and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Patricia Bullrich, Javier Milei, Javier Milei's dollarization, Sergio Massa's, Javier Goni, Oscar Andreani, Jorge Otaola, Brendan O'Boyle, David Alire Garcia, Leslie Adler Organizations: por la Patria, el Cambio, La Libertad Avanza, Reuters, Ledesma, International Monetary Fund, IMF, Thomson Locations: BUENOS AIRES

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