Minister Sergio Massa announced this Thursday in Washington the export scheme will be expanded with the “agro dollar”, That it would be temporarily extended beyond soybeans to other regional products, a way to support scarce reserves to meet the goals of the International Monetary Fund. And also try to simplify the various exchange rates to not have so many varieties of dollars, like paper, savings, Qatar or Coldplay.
Furthermore, the minister leaves the US capital with the promise to add $3,000 million of international organizations for the Central Bank’s coffers, they said in Economics.
This Friday the Executive Board of the Monetary Fund meets and it is estimated that the flexibility of reserve targets will be approved proposed by the government because it does not comply with them due to, among other difficulties, the severe drought and the delay in implementing the new electricity tariff. But even more efforts are needed to add resources to the switch e the council needs a path to know where they will come from.
It is against this framework that this “grodollar” will be launched.which includes soybeans and other products additional. The goal – they say in Economy – is to try to add 15 billion dollars of exports in the second and third quarters.
To measure will be out on Monday And it will be polished this weekend with meetings with business chambers from different sectors such as rice, peanuts, wine, tannins and yerba mate, among others, which could be added. It will be for the regional agro-export sector And, according to rumors in the minister’s circle, the initiative will have little or no impact on the internal market and on inflation because it will seek to continue to maintain local supply and prices.
The idea is that it is an interim plan, 30 days for soy and 90 days for regional economies. “It is a program to increase exports, which in some way tries facilitate the capacity and fulfillment of contracts in the drought year of our exporters, understanding the hardships our producers have suffered,” Massa told Argentine correspondents in Washington.
“The challenge is to promote this measure strengthen reserves in the second quarter and continue the stabilization path that Argentina must follow. The drought hit us very hard“, he indicated.
“The Fund assumes it, all those who understand the weight that the agro-export sector has in the Argentine economy assume it and we believe that just as we take measures to protect and help with Tax benefits to producers affected by the drought, we have also taken measures to promote exports and consolidate the agricultural sector in the possibility of fulfilling its contracts and the Argentine Central Bank in the possibility of strengthening itself in terms of reserves,” he added.
Goodbye to 12 changes?
Even in the economy they work for simplify the different dollars in the future product of the different taxes that are levied on the import side, that is a request from the IMF.
The idea of multiple exchange rates is something that goes against the agency’s dogma, but so far he tolerated it with “waivers” or thanks because – like the soy dollar – it is a “creative” resource. which served to shore up the reserves in the red.
The idea is simplify taxes concerning tourism or concerts and some imports to orient towards a simpler system.
“The second big challenge has to do with starting down a path of simplifying trading so that anything that looks like the Coldplay dollar or the Techno dollar starts to function and operate in a more unified schemeMassa said.
The idea is that the economic team works on the new scheme a submit it to the IMF before the next auditwhich will conclude in June.
On the other hand, and always bearing in mind the level of reserves, the minister leaves Washington with the certainty that approximately 3,000 million dollars will soon enter the coffers by international credit institutions.
The Argentine delegation was very enthusiastic about US support for Argentina in front of international organizations expressing the president Joe Biden during the meeting he had with Alberto Fernández and their respective teams at the White House.
Although the main one for Argentina today is the IMF, they are there Other organizations that can help To the country. Massa recently visited the halls of the Inter-American Development Bank (IDB) and is in contact with World Bank officials.
With them, added to the CAF, takes the promise of 3,000 million dollars in various types of further loans to those who are in the portfolio: from liquid assets for reservesand also for infrastructure (these still enter Central in dollars, so they count towards the reserve target).
The hand of these organizations – which have not made any announcements in this regard – opens with the approval of the United States, they underline in Economy.
Source: Clarin
