MotoGP organizers announced on Wednesday that the Argentine Grand Prix has been canceled for economic reasons and will not be replaced on the 2024 calendar.

The economic crisis canceled the Grand Prix of Argentina MotoGP

The April 7 Grand Prix would be the third round of the 22-race season.

“Due to the current circumstances in Argentina, the organizer of the event has informed that it is currently unable to guarantee the necessary services to host the Grand Prix in 2024 according to MotoGP standards,” the statement said.

“The event will not be replaced in the 2024 calendar. MotoGP hopes to return to compete at Termas de Rio Hondo in 2025.”

Argentina faced a protracted economic crisis with triple-digit inflation, negative reserves, a rapidly depreciating peso, and more than 40% of the population in poverty.

President Javier Millais, a libertarian economist who took office in December, has promised “shock” therapy for the economy, including drastic spending cuts, writes News.ro.

The Grand Prix received government subsidies, but the press also said the risk of strikes and transport disruption was a factor in the decision.