On October 16, the Minister of Economy, Luis “Toto” Caputo, was honored for the second consecutive year with the “Finance Minister of the Year” award by LatinFinance magazine, at an event in Washington during the Annual Meetings of the IMF and the World Bank. At the same ceremony, Santiago Bausili, president of the Central Bank, received the award for “Best President of the Central Bank.” However, international recognition of the economic management of Javier Milei’s government was about to be questioned and withdrawn at the last minute, according to revelations that exposed the tensions behind the decision.
According to La Politica Online, which cited an interview in Buenas Tardes China, Charles Newbery, associate editor of LatinFinance, admitted the doubts that arose after the award ceremony. “It was not an easy decision,” he explained, noting that the verdict was based on consultations with international economists and analysts who highlighted the initial growth during Milei’s management. But he recognized an unexpected turn: “We made the decision before the elections in the Province of Buenos Aires, then everything fell and we doubt if it was the right decision.” The statement reflected the surprise at the economic collapse following the electoral defeat of La Libertad Avanza.
The Buenos Aires legislative elections on September 7 marked a setback for the ruling party, which obtained 34% compared to 47% for Peronism. The result, interpreted as a referendum on adjustment policies, unleashed exchange and financial instability. In the United States, the episode revived skepticism about the country’s structural fragility and its dependence on external bailouts. It is not bad to seek a bailout, it is bad to depend on a bailout as Argentina has done in its recent history,” Newbery warned.
The Ministry of Economy celebrated the award in X, accompanying a photo of Caputo and Bausili with their trophies. In his speech in Washington, Caputo said: “This is recognition for Argentines who are making an effort.” The phrase generated controversy in a context of poverty greater than 52% and adjustment measures questioned due to their social impact.
The possibility that LatinFinance has considered withdrawing the award exposes the gap between the official story and economic reality. While the government seeks to capitalize on it as international support, the magazine’s doubts and the instability of the markets show that the recognition came in the midst of a still fragile outlook for the Argentine economy.
