Kristalina Georgieva, head of the Monetary Fund, and the organization’s spokesperson, Gerry Rice. AFP photo
This was confirmed by the IMF the quarterly objectives will be changed on the fiscal deficit e the accumulation of reservesafter Argentina approved its first-quarter revision Wednesday, an audit that now it must be evaluated by the board of the body in the next few weeks.
“Due to the impact of the war in Ukraine, the path of the quarterly program objectives It will be revised to meet annual targets and reflect the impact of the shock, “Fund spokesman Gerry Rice said at a press conference in Washington on Thursday.
Rice explained that “this happens regularly in IMF schedules, that’s why we have quarterly reviews so we can take into account the development of eventsbut the annual goals and the program remain unchanged.
The spokesperson said Argentine authorities have agreed to keep the same annual targets. “this is crucial to support the economic recovery, “he said.
The IMF announced in a statement Wednesday a deal with staff on revising fiscal, monetary and reserve accumulation targets for the first quarter. And he stressed that the government has promised to do so “additional policies”.
Asked by ClarioneRice specified that these policies have to do with “the redefinition of spending priorities”.
“At the fiscal level, the authorities plan re-prioritize public spending to achieve the 2.5% of GDP fiscal target in 2022 and reduce monetary funding to 1%, as planned, “the agency said Wednesday.
As for inflation, the spokesman for the Fund reported there will be changes in the projections for Argentina. The program included a range between 38 and 48%.
“On inflation, as we do with other countries, our estimates have been revised given the changes, including the war in Ukraine after the approval of the program with Argentina, and we will give more details when the personnel report is published. “
development note
Source: Clarin
