Argentina saw its first quarter with a budget surplus in more than 15 years, President Javier Miley announced Monday.

In March alone, there was a surplus of about 276 billion pesos, which equates to just under 3.5 billion Norwegian kroner, the president said in a televised speech.

“This is the first quarter with a budget surplus since 2008, an achievement we can all be proud of as a country, especially given the disastrous backlog we have to clear,” said Miley, who took office in December.

The hardline liberal president took strong measures to pull the country out of the economic crisis, reduce the budget deficit and overcome accelerating inflation. It involves radical austerity measures, including cutting subsidies, eliminating thousands of public jobs and ending many social programs.

– I understand that the situation we are in is difficult, but we are also already halfway there, and this is the last step in the heroic efforts that we Argentines are making, and for the first time in a long time, it will be worth it.

Miley's economic reforms have sparked large demonstrations, and critics say they push many into poverty and put the country's future at risk.