Home / World / Argentina's finance minister resigns, saying "significant renewal" is needed in the midst of the economic crisis

Argentina's finance minister resigns, saying "significant renewal" is needed in the midst of the economic crisis



FILE PHOTO: Argentina's Finance Minister Nicolas Dujovne gestures during a news conference in Buenos Aires, Argentina April 22, 201

9. REUTERS / Agustin Marcarian

BUENOS AIRES (Reuters) – Argentina's Finance Minister Nicolas Dujovne resigned and said in a letter Reuters saw On Saturday, he believed the government needed "significant renewal" in its economic team amid a crisis that saw the peso fall this week.

Dujovne said in a letter to Argentine President Mauricio Macri that he had given his "everything" to the job, helped to curb a significant deficit and trim public spending.

"We have also made mistakes, without a doubt, we never hesitate to admit it and did everything possible to correct them," he added.

"I think my departure is in line with my place in a government … that listens to the people and acts accordingly," he added.

Macri has appointed Hernan Lacunza, the current Minister of Economy of Buenos Aires Province, to Dujovne's replacement, a government source told Reuters.

Argentina's peso ARS = was free for most of this week following a shocking primary election result on Sunday, when center-left Peronist candidate Alberto Fernandez denounced center-right Macri, in what was generally considered a referendum on the government's endeavor following a loan from the International Monetary Fund and the austerity measures it took as a condition of the loan.

The peso weakened 21% at the end of the week and on Friday, in a new blow for Macri, the credit rating agencies Fitch and S&P Argentina downgraded the sovereign debt rating, raising the water as the October election nears.

Lacunza is former head of Argentina's central bank and also Buenos Aires city bank.

Reporting Eliana Raszewski; writing by Aislinn Laing; Editing by Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles.

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