According to government officials, this is necessary to combat the budget deficit and reduce triple-digit inflation

Argentina is going to weaken its currency, the peso, by more than 50%, bringing it to the level of 800 per dollar, and plans to introduce economic reforms that include cutting energy subsidies and canceling public works tenders. 

This was reported by Reuters.

The new Minister of Economy, Luis Caputo, announced this as an economic shock therapy to overcome the country's crisis, which is experiencing its worst economic downturn in a decade.

Caputo stated that although the plan will cause short-term pain, it is deemed essential for reducing both the budget deficit and triple-digit inflation. The goal is to overcome the deep budget deficit, which is 5.5% of GDP.

Argentina, a grain producer, is facing significant inflation, a large budget deficit, and central bank reserves that are in deep negative territory. The initiative also includes the abolition of public works tenders.

The IMF (International Monetary Fund) welcomed these measures as an important step toward restoring stability and restoring the country's economic potential, although they have caused the country's foreign exchange and grain markets to be blocked.