Argentina’s President of the Chamber of Deputies Sergio Massa leaves Parliament after submitting his resignation in front of Parliament before being sworn in as the new Economy Minister August 2, 2022 in Buenos Aires, Argentina. REUTERS/Agustin Marcarian
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BUENOS AIRES, Aug 2 (Reuters) – Argentina’s new economy minister, dubbed the ‘super minister’ for his expanded portfolio, on Tuesday announced new ministerial elections including for the key agricultural sector, part of the government’s latest attempt amid a tough economy to rule crisis.
President Alberto Fernandez tasked Congress leader Sergio Massa with tackling rising inflation and government spending and addressing a series of fiscal and trade measures crucial to the country’s agricultural sector ahead of next year’s elections.
A politically savvy lawyer supported by both the centre-left faction of the ruling Peronist coalition and its harder left faction, Massa is expected to advocate orthodox economic policies, in part due to his past track record of working closely with international investors.
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On Tuesday he announced that Juan Bahillo will be the new Minister of Agriculture, reporting to Massa. Bahillo is a political leader, former federal legislator, and farmer from Entre Rios Province.
At least one industry leader spoke out in favor of Bahillo.
“We hope he gets to make and execute the decisions our farming sector needs to get off the ground,” said Carlos Achetoni, president of the FAA.
Massa also resigned as lawmaker on Tuesday before officially taking over as business minister on Wednesday, making him the third such minister in the last month.
He also announced that the production secretary will be headed by industry leader Jose de Mendiguren, while the trade secretariat will be headed by economist Matias Tombolini. Both will also report to Massa.
Fernandez is banking on the new team led by Massa to offer previously elusive financial stability and contain a worsening price spiral expected to exceed 70% this year.
In South America’s second largest economy, the poverty rate has already risen to around 40%.
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Reporting by Nicolas Misculin; writing by David Alire Garcia; Edited by Sandra Painter
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