Argentina's new president lays off 5,000 government employees hired in 2023, before he took office

The administration of Argentine President Javier Milei says the government won’t renew contracts for more than 5,000 employees hired this year before he took office. The move was part of a sweeping plan of cutbacks and devaluations announced by the right-wing libertarian since he took office on Dec. 10 to transform Argentina’s struggling economy. Other government positions will be placed under review. With inflation expected to reach about 200% by the end of the year, Milei had pledged to reduce government regulations and payrolls, and allow the privatization of state-run industries as a way to boost exports and investment.