Argentine President Javier Milei has publicly acknowledged for the first time that "not everyone is better off" under his administration, but vowed to press ahead with his austerity programme despite worsening conditions for many households. Monthly inflation has risen for ten consecutive months, reaching 3.4% in March, while real wages have fallen 6% since November and household debt delinquency hit 11.2% in February — the highest rate since 2004. Milei, whose signature "chainsaw" spending cuts have driven growth in capital-intensive sectors such as agriculture and energy while hammering construction and retail, received a degree of external validation this week when the IMF approved a further $1 billion disbursement to Argentina under its existing programme.