Alfonso Prat-Gay, the finance minister of Argentina, was named Euromoney’s Finance Minister of the Year 2016 at a reception at the National Press Club in Washington DC on Friday, held during the annual IMF/World Bank meetings.
Presenting the award, Euromoney’s editor Clive Horwood praised Prat-Gay for the dramatic and positive impact he has had on Argentina’s financial position and its standing in the international financial community, since he took office on the election of president Mauricio Macri in December.
Among the achievements cited in choosing Prat-Gay for this award, Euromoney recognized the finance minister for: the resolution of the long-standing dispute with Argentina’s international bondholders, which allowed the country to make a triumphant return to the capital markets in April, and with subsequent well-received deals; personally navigating the holdout deal through Congress; the liberalization of foreign exchange away from the previous administration’s policy of ‘el cepo’ (the clamp); bringing in a team of talented, experienced professionals to help run the finance ministry; and instituting policies aimed at tackling the issues of Argentina’s fiscal deficit, slowing inflation and boosting GDP growth.
Euromoney also praised Prat-Gay for his work in restoring trust in Argentina’s finances and credit in the international investor community, as well as with domestic banks and other financial institutions.
Euromoney said: “Finance minister Prat-Gay’s personal reputation and credibility have been vital in the successes of the past nine months; they will continue to be so as he attempts to lead Argentina on a gradual and sustainable path to improved long-term economic performance.”