Argentina’s Treasury Minister Nicolas Dujovne has resigned, saying in a letter seen by Reuters on Saturday he believed the government needed significant renewal in its economic team amid a crisis which saw the peso plunge this week.
Dujovne said in a letter to Argentine President Mauricio Macri that he had given his all to the job, helped tame a significant deficit and trim public spending.
We have made mistakes as well, without a doubt, we never hesitate to recognize that and did all that was possible to correct them, he added.
I believe my resignation is in keeping with my place in a government that listens to the people and acts accordingly, he added.
Macri has appointed Hernan Lacunza, the current economy minister for Buenos Aires province, as Dujovne’s replacement, a government source told Reuters .
Argentina’s peso was in free-fall for most of this week after a shock primary election result on Sunday, when centre-left Peronist candidate Alberto Fernandez trounced centre-right Macri, in what was widely seen as a referendum on the government's seeking of a loan from the International Monetary Fund and austerity measures it took as a condition for the loan.
The peso depreciated 21% by the end of the week and on Friday, in a fresh blow to Macri, ratings agencies Fitch and S&P downgraded Argentina’s sovereign debt rating, raising the specter of a default as the October election approaches.
Lacunza is the former general manager of Argentina’s Central Bank and also of the Buenos Aires City Bank.
