The Government of Javier Milei reported that the National Public Sector (SPN) returned to record a fiscal surplus during February, thus achieving the second consecutive month of 2026 with a positive result in public accounts.
According to a statement released by the Minister of Economy, Luis “Toto” Caputo, in February the primary surplus reached $1,410.640 million, while the financial surplus stood at $144,421 million.
In that same period, net interest payments on debt totaled $1,266,218 million.
According to official data, during the first two months of the year, the SPN accumulated a primary surplus equivalent to approximately 0.4% of Gross Domestic Product (GDP) and a financial surplus close to 0.1% of GDP.
These numbers reflect the commitment of the Milei Government to its fiscal adjustment policy, which aims to consolidate the balance of public accounts through strict control of spending and a reduction in taxes.
Javier Milei and Luis Caputo.
The February surplus One of
the central factors in achieving the positive result was the reduction in spending.
The report notes that total primary expenditure registered a year-on-year drop of 8.8% in real terms
.
At the same time, the Ministry of Economy highlighted that certain social benefits showed increases. In particular, resources allocated to retirement and contributory pensions grew 1.8%, while the Universal Child Allowance (AUH) registered an increase of 11.3% compared to the previous year
.
The fiscal result is supported by a combination of cutting general spending and a reallocation of resources to areas considered to be priorities. In this regard, the official statement noted that during the first two months, priority was given to the maintenance of basic social benefits, such as retirees and allowances, which showed positive variations compared to the general evolution of public
spending. Javier Milei and Luis Caputo.
Caputo also recalled the results obtained in January, when the National Public Sector recorded a primary surplus of $3,125,737 million and a financial surplus of $1,105,159 million
.
“In January, the National Public Sector achieved a primary surplus of $3,125,737 million and a financial surplus of $1,105,159 million,” the minister wrote on the social network X.
There he also explained that this result included $1,039,903
million from extraordinary revenues generated by the
private tender of the Comahue hydroelectric power plants.
The official clarified that, if these resources were not accounted for, the primary surplus would have been $2,085,834 million and the financial surplus of $65.256 million.
