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Argentine President announced economic deregulation and privatization

Buenos Aires, Dec 20 (Prensa Latina) Today, the Argentine President, Javier Milei, announced that he signed a Decree of Necessity and Urgency (DNU) to deregulate the economy with more than 300 reforms, including the privatization of public companies and the selling of land and natural resources to foreign individuals and companies.

In a national chain and accompanied by his cabinet, the President announced the dismantling of hundreds of regulations that according to him were inefficient.

After the decision was announced, a “cacerolazo” (casserole banging) was heard in several neighborhoods of the capital city, through which citizens expressed their discontent.

Among the measures announced by Milei are the repeal of the laws on rents, supply, land, industrial and commercial promotion and the Price Observatory of the Ministry of Economy to avoid the persecution of companies.

In addition, it eliminates regulations that prevent the privatization of public companies and approves the transformation of all state enterprises into corporations.

It also provides for the modernization of the labor regime, the reform of the Customs Code, the repeal of the production obligations of sugar mills, and the liberalization of the legal regime applicable to the wine industry.

On the other hand, it removes the national mining trade system and the sector’s Information Bank, authorizes the transfer of the total or partial shareholding package of Aerolíneas Argentinas and the implementation of the open skies policy.

The DNU amends the Civil and Commercial Code to guarantee that obligations contracted in foreign currency must be paid in the agreed currency.

In addition, it changes the regulatory framework of prepaid medicine and social security, eliminates price restrictions on the prepaid industry, and reforms the regime of pharmaceutical companies to promote competition and reduce costs.

It also changes the law so that soccer clubs may become corporations if they so wish, and deregulates satellite internet services and the tourism sector, eliminating what he called “the monopoly” of the agencies.

Milei announced that in the next few days an extraordinary session of Congress will be summoned and a package of laws will be sent to accompany these reforms and advance the process of change.