“Macroeconomic planning serves to correct distortions,” Sergio Massa said in his conference on Wednesday.
The new Minister of Economy, Sergio Massa, left some definitions after his speech on Wednesday at the helm of the Palacio de Hacienda. The dollar shortage is worrying and the economic team will be firm in working towards that goal, a priori has provided some definitions that could have an effect on the currency and has ruled out that a sharp devaluation is in his plans. “Devaluation shocks only produce poverty and a huge transfer of resources”put on guard
Speaking also of the greenback, Massa highlighted: “Argentina has the bi-monetary culture we live with, this idea that the dollar is part of our daily life.
- Reservations
A matter of great concern is that of the few reserves. “Macroeconomic planning serves to correct distortionsThey are not done in one day, nor in two. It is done within a deadline and with goals. They are made on the basis of the strengthening of BCRA reserves“, he indicated.
- Advance exports and disbursements
On this path of strengthening reserves, the former head of the Chamber of Deputies commented that “there will be an advance in exports, with the value chains of fishing, agriculture, mining and others, which will enter in the next 60 days for a total of $ 5 billion, which will increase the reserves of the BCRA “.
And he anticipated that the pending disbursements will arrive. One for 1,200 million dollars with international organizations and an additional one from CAF for another 750 million dollars.
- not transmitted
“We will not ask the Central Bank for more issue money, we will do it with the resources we get, “he said explaining the first measure announced at the press conference. In this way he made it clear that they will no longer ask for temporary advances from the BRA. In addition, he anticipated that in the next few days he will cancel advances of $ 10,000 million.
- Respect the IMF
The new minister, who arrived at the Treasury a month after the resignation of Martín Guzmán and replaced Silvina Batakis, continued to refer to the need to recover this important flight of dollars that Argentina faces and which puts it in a delicate situation. In this regard, he clarified that he had met with the International Monetary Fund to continue receiving the planned disbursements for Argentina, which has a program worth about 44,000 million dollars with the IMF.
“Today (Wednesday) we had a first working meeting with the IMF to continue with the planned disbursements”highlighted in this regard.
- Voluntary exchange of debts
Massa also announced, likewise, that will launch a voluntary exchange for debt maturities in pesos over the next 90 days, which will end on Tuesday and has already generated 60% of adherence commitments. “There are 4 offers for the strengthening of reserves and the repurchase of the sovereign debt. They come from 3 international financial institutions and a sovereign fund “he highlighted.
YN
Source: Clarin
