Ministry shake up, Finance Minister Sacked

Alfonso Prat Gay, the Finance Minister of Argentina has been been sacked. Argentine government said it dismissed the Treasury and the Minister and split the agency into two ministries.

“President Mauricio Macri has arranged for a change in the government team” overseeing the economy, Chief of Staff Marcos Pena told reporters at a press conference.

“In view of the challenges we will have next year, it has been decided to divide the ministry in two: the Treasury Ministry, which will be headed by Nicolas Dujovne, and the Finance Ministry, headed by Luis Caputo,” Pena said.

He indicated that Gay was asked to resign due to differences over the makeup of the economic team and “the decision-making process.”

Gay “has achieved great things” in the administration’s first year, “like … normalising international financial ties, following the exit from default,” he added. Caputo, 51, came to prominence early this year as the government negotiator with so-called “holdouts” in possession of expired Argentinian foreign debt bonds.

Caputo “turned into the key man to renegotiate the debt with the holdouts and quickly close the deal at the end of February,” state news agency Telam said. Dujovne has served as a consultant to the World Bank and is on the board of directors of Argentina’s Central Bank.

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