MotoGP’s Argentina Grand Prix has been cancelled due to the “current circumstances” in the country.

Argentina is the midst of an economic crisis with soaring inflation.

The grand prix due to take place at the Termas de Rio Hondo circuit on 7 April – the third race of the season – will not be rescheduled this year.

MotoGP said the race’s promoter was “unable to guarantee the services required” for the event to go ahead but they hope it will return in 2025.

Last week, tens of thousands of Argentines joined protests against cuts made by President Javier Milei.

At least 40% of the population live in poverty, according to the last set of official government figures.

Milei has said “shock treatment” would be needed to tackle the crisis and he has promised deregulation, deep spending cuts and the devaluation of the peso.

The Argentina Grand Prix benefits from substantial public funding.

“Due to the current circumstances in Argentina, the promoter of the event has communicated that it is currently unable to guarantee the services required for the Grand Prix to take place in 2024 at MotoGP standards,” a statement read.

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

The MotoGP season kicks off on 10 March with the Qatar Grand Prix and ends in November with the Valencia Grand Prix.