The government of new president Javier Milei launches its first economic measures, which include a 100% devaluation.

The "emergency package" was showcased by the Minister of Economy Luis Caputo, in a recorded message.

He explained that the main cause of Argentina's reiterated crises is the fiscal deficit or, as he put it: "spending more than what is collected".

According to the official, previous governments attacked the consequences of it, with price controls or exchange restrictions.

But he assured that the new administration is determined to solve "the root of the problem" and for that purpose he announced ten measures.

The most important of them is the increase in the official quotation of the dollar from 350 to 800 pesos.

Also, the end of state financing of infrastructure projects, which from now on will be handed by the private sector.

Public works that have been put out to tender but haven’t started will be canceled, the Minister anticipated.

Likewise, contracts in the national public administration signed during the current year and expiring on December 31 next year will not be renewed.

Furthermore, energy and transportation subsidies will be cut.

These, Caputo said, "end up being paid with more inflation" and generate inequality between the city of Buenos Aires and the rest of the country.

The import licensing system will also be eliminated and taxes on non-agricultural exports will be increased.

The official also reiterated that the government will stop paying for spaces in the media to publish official messages.

Another measure is the reduction of ministries from 18 to 9 and of secretariats from 106 to 54.

And he announced that the amount received by the beneficiaries of the social program "Asignación Universal por Hijo" (Universal Child Allowance) will be doubled.

As the President had done in his inaugural speech, Caputo acknowledged that in the short term, the country's socioeconomic situation will worsen.

But he assured that this plan is necessary to avoid "hyperinflation and a catastrophe".

Following the announcements, the International Monetary Fund came out in support of the package.

IMF Director Kristalina Giorgieva published: "this is an important step towards restoring stability and rebuilding the country's economic potential".

On the other hand, several opposition voices stressed the negative impact of Caputo's measures.

One of them is social leader and former presidential candidate Juan Grabois, who described them in social networks as "a social murder".

As he denounced, the devaluation will cause an increase in the "cost of living of 80% in the next 90 days, which will be higher in food".

"Let it be clear, those who were low middle class, have just been thrown into poverty in the blink of an eye", Grabois sentenced.