Elon Musk congratulates Argentina for reaching its first budget surplus in 14 years

In December 2024, Argentina, under President Javier Milei, achieved its first budget surplus in 123 years. This significant fiscal turnaround was primarily due to substantial government spending cuts and the elimination of monetary emissions. President Milei stated, “The deficit was the root of all our evils—without it, there’s no debt, no emission, no inflation.” 

Following this achievement, tech entrepreneur Elon Musk congratulated President Milei on social media platform X (formerly Twitter), expressing his admiration for Argentina’s economic progress. Musk has been a vocal supporter of President Milei’s economic policies, highlighting the importance of reducing government overspending to combat inflation. 

Under President Milei’s leadership, Argentina implemented aggressive spending cuts, including reducing public sector employment and devaluing the peso, leading to a fiscal surplus of 1.1% of GDP—the first in 12 years. These measures also contributed to a decline in inflation, which dropped from 25.5% in December 2023 to 2.7% in October 2024, marking the lowest level in three years. 

President Milei’s economic reforms have garnered international attention. Elon Musk, who has met with President Milei multiple times, praised his efforts to stabilise Argentina’s economy and expressed interest in exploring investment opportunities there.