BUENOS AIRES (Reuters) – Argentina’s Economy Minister Sergio Massa on Wednesday appointed a new head of the energy secretariat. The agency has given out millions of dollars in subsidies in recent years that have led to a widening budget deficit.
Flavia Royón, who recently oversaw energy affairs in the northern province of Salta, has been tasked with trying to cut subsidies to ease Argentina’s budget deficit. This led to a depreciation of the peso currency and a spike in inflation expected to exceed 90%. this year.read more
Massa, who took office on Wednesday, tweeted that “our energy sovereignty and turning Argentina into a leader in this sector must be the goal for everyone.”
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Massa also appointed Federico Bernal as Undersecretary of Hydrocarbons.
Massa’s political acumen is widely seen as the key to saving Argentina’s economy, which has been ravaged by extremely high inflation, crippling debt and chronic overspending.
Called a “super minister” by some, on his first day in office he announced a series of austerity measures and moves to boost dwindling foreign exchange reserves.
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Reported by Nicolás Misculin. By Dinah Beth Solomon.Edited by Jacqueline Wong
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