Argentina's government under Javier Milei is pushing to privatize six state-owned companies to secure dollars and bolster reserves, even though four ended 2025 with financial surpluses. State firms collectively posted a $903 billion surplus last year, despite an operating deficit.
Javier Milei's Argentine government, led by Economy Minister Luis Caputo, is advancing a privatization plan for state companies to generate dollar inflows and strengthen international reserves amid limited access to external credit. Ministry of Economy balances show public firms closed 2025 with a $903 billion financial surplus, down 19.1% from $1.1 trillion in 2024. They recorded a $1.3 trillion operating deficit, driven mainly by Enarsa and the passenger rail operator, each exceeding $1 trillion in operating losses. AySA, Aerolíneas Argentinas, and Correo Argentino showed operating surpluses. Targeted companies include Energía Argentina (Enarsa), Intercargo, Corredores Viales, Belgrano Cargas y Logística, and AySA. Four posted financial surpluses: Enarsa ($324 billion), AySA (operating surplus $237 billion, but financial deficit $18 billion), Intercargo ($30 billion), Corredores Viales ($39.6 billion), and Nucleoeléctrica Argentina ($90.3 billion). Belgrano Cargas had a $41 billion financial deficit. Officials argue privatizations will provide immediate dollars and enhance efficiency under private management, despite recent financial improvements in several firms. Tender processes are underway in cases like Corredores Viales.
