The Government of Javier Milei reported that the National Public Sector (SPN) registered a new financial surplus of $484,789 million in March, in line with the official fiscal balance strategy.
According to the statement released by the Minister of Economy, Luis “Toto” Caputo, the primary result for the month reached $930,284 million, while net interest paid totaled $445,495 million.
In the cumulative figure for the first quarter of the year, public accounts reflected a primary surplus equivalent to approximately 0.5% of GDP and a financial surplus of 0.2% of GDP.
From the economic portfolio, they noted that this performance occurs within the framework of a spending adjustment policy, since total primary spending registered a year-on-year drop of 5.7% in real terms, as a result of the reduction in taxes implemented during 2025.
Luis Caputo.
In this regard, the Ministry of Economy maintained that “the year-on-year dynamics of tax resources responded to tax administration measures and to the reduction or elimination of
taxes that were implemented during 2025.”
In terms of revenues, the SPN registered a total of $10,911,083 million in March, implying a year-on-year increase of 25.1%, below inflation.
This growth was mainly explained by the increase in Debt and Credit tax collection (+38.4% a.i.), Social Security Contributions and Contributions (+28.9% p.a.) and Value Added Tax (VAT) net of refunds (+27.0% i.a.).
In contrast, Export Duties fell by 12.3% year-on-year. From the Palace of Finance, they pointed out that “the year-on-year comparison of total tax resources continues to reflect a set of tax administration measures and the validity of taxes that were reduced
throughout 2025.” Caputo's message.
Caputo emphasized the centrality of fiscal balance as the axis of the economic program, and highlighted the importance of the “fiscal anchor” to consolidate macroeconomic stability. In addition, he argued that this approach makes it possible to advance the return of resources to the private sector through the reduction of taxes
.
The announcement had immediate political support. President Javier Milei celebrated the result through the social network X and reaffirmed the official position by stating: “The fiscal anchor is not negotiated
”.
Along the same lines, the director of the Investment and Foreign Trade Bank (BICE), Felipe Núñez, highlighted the consistency of the fiscal course and assured that, since the beginning of Milei's administration, the National Public Sector recorded twin surpluses, both primary and financial, in 25 of the last 27 months.
