Martin Guzman steps down as Argentina’s economy minister

• The 39-year-old had clashed with Vice President Cristina Fernandez de Kirchner.
• Guzman was instrumental in concluding a new $44 billion contract with the IMF.
• Argentine peso has reached an all-time low versus the U.S. dollar.

Martin Guzman, the architect of Argentina’s recent debt settlement with the International Monetary Fund (IMF), has resigned as economy minister.

Guzman’s remark on Saturday occurred amidst serious divisions among the ruling coalition regarding how to address Argentina’s escalating economic crisis.

The 39-year-old minister and close associate of President Alberto Fernandez did not specify the reason for his resignation.

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However, in a seven-page letter released on Twitter, he implied that internal disputes were at least partially responsible for his departure, urging Fernandez to bridge the rifts so that the “future minister does not endure” the same hardships he experienced.

Guzman, who had clashed with Vice President Cristina Fernandez de Kirchner, a prominent former president who served two terms, stated that he maintained “confidence in my vision of the path Argentina should follow.”

This year, the former minister was instrumental in concluding a new $44 billion contract with the IMF to replace a failing scheme from 2018.

However, legislators aligned with the vice president, who has advocated for increased expenditure to reduce poverty, voted against the agreement with the IMF, and the pact was only approved by Congress with the support of the center-right opposition.

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Martin Guzman tweeted his resignation letter while Fernandez de Kirchner was delivering a speech honouring the legendary former president of Argentina, Juan Domingo Peron.

His departure, which follows a week of economic turbulence, creates more uncertainty in Argentina, the third largest economy in Latin America. The Argentine peso has reached an all-time low versus the U.S. dollar, while inflation exceeds 60 percent and truck drivers protest diesel shortages.