One by one, Sergio Massa’s economic definitions before the entrepreneurs of the Council of the Americas

Economy Minister Sergio Massa took advantage of Thursday’s closing speech by the Council of the Americas to outline his next economic steps, from the future decree to convert social plans into employment to construction recycling.

Here is a score of the upcoming announcements:

Public companies without new employees

The official said that, in addition to freezing the income of various public administration employees, hiring in state-owned companies will also be suspended. The list of state-run companies includes, among others, Aysa and Aerolineas Argentinas, which, in fact, has a pilot recruitment process underway through Linkedin.

repurchase agreements

The minister said that a group from Asia, another from Europe and another North American approached him with proposals to finalize the “Repo”, a loan to the country that Massa wants to use to buy back its debt and strengthen reserves. The leader of the Renovating Front said he asked these three entities to unify their proposals. Repo is a loan at a rate that Argentina does not obtain today in exchange for some guarantees, taken as collateral. As it emerged, the repo would have a duration of six months, which could be renewable in the future. As collateral, international entities could take shares from the Anses Sustainability Guarantee Fund or public debt securities.

whitewashing of buildings

Massa promised it on Monday will be the regulation the extension of the construction recycling law, a regime that promotes the free availability of dollars and tax breaks for private construction. The rule says that undeclared dollars or pesos both in the country and abroad that are laundered can be applied to one’s construction or development projects. Without AFIP and Central Bank regulation, the standard cannot be implemented.

Promotion of the mining sector

Also next week Massa hopes to launch a promotion program for the mining sector. However, he stressed that they must be value-added projects to reap the benefits.

Social employment plans

The minister also announced that the decree will be published this Friday with which the program to transform social plans into formal employment will be launched, with the aim of introducing over 200,000 beneficiaries into the labor market next year. He explained that the employer will have subsidized contributions and contributions, and will pay only social assistance, ART and union and “the state will continue to pay the program basis for one year and the employer will complete the salary of the agreement”. Massa said that “in the construction sector, in agriculture, especially in regional economies, in the tobacco sector” is where it is seen most that people do not want to work for fear of losing the plan.

development note