Sergio Massa received a letter from Washington: the head of the IMF congratulated him on his new post

The IMF congratulated Sergio Massa after his appointment as head of the Ministry of Economy. With a letter, the director of the agency, Kristalina Georgieva, greeted the minister expressing interest in continuing with the agreement signed in March, which allowed Argentina to access a loan of 45 billion dollars refinance the debt incurred in 2018.

“Dear Minister Massa, receive my sincere congratulations on your appointment as Minister of the Economy of the Argentine Republic with greater responsibilities, including in the sectors of production and agriculture”, said the official in the letter dated today and written in English. , addressed to Massa and the representative in front of the Fund, Sergio Chodos.

In the document, Georgieva highlighted the political profile of the minister, a member of the Frente de Todos and former head of the Deputies, a post he left to replace the economist Silvina Batakis, successor of Martín Guzmán. “His experience, even at the National Congress of Argentinait can prove vital in helping Argentina and its people to tackle the most pressing economic and social challenges. “

Massa is in talks with the Fund to advance the second quarter audit and has promised to reach the primary deficit target of 2.5% of GDP in 2022. To do so, he has announced a series of measures, including a increase in the additional rate, spending cap and zero emissionsin addition to the strengthening of reserves, a package well received by the Washington authorities.

Since its landing in the Economy, however, the Central Bank has lost more than $ 1.1 billion in reserves and parallel dollar pressures have re-emerged in the last few hours. In this context, the head of the IMF stressed that the organization “continues to be a committed partner in supporting Argentina’s efforts, especially at this important moment”.

“My colleagues and I have had the pleasure of working constructively with your predecessors and their teams. I look forward to further exploring this relationship to support the implementation of your government’s economic agenda, backed by the funding agreement. expanded fund, which aims to safeguard economic stability. “and ensure sustainable and fairer growth in Argentina,” said Georgieva on Wednesday.

The Tiger Man plans to travel to Washington at the end of the month, where he bets on meeting with the head of the IMF, representatives of the World Bank, the US Treasury, the IDB, the CAF and the investment funds in Wall. Street. The minister discussed his trip on Sunday with US Ambassador Marc Stanley. The idea is to reactivate the credits of multilateral organizations for 2,000 million dollars and to attract investments from companies from that country in Argentina.

The first face-to-face meeting with the director of the Fund will be crucial. Between the end of this month and the beginning of September, staff will have to submit the report to the board of directors to authorize the next $ 4 trillion outlay. Georgieva has already enabled the phones. “We look forward to working with you and your team and do not hesitate to contact the IMF at any time,” she concluded in her letter.