Likewise, the officials of the Fund stressed that the deal contemplates the arrival of a fiscal balance in 2025, and foresees that inflation will slow down to a range between 38% and 48% in 2022.
From the local Treasury Palace they previously stressed that the agreement with the IMF recognizes the importance of “promoting growth and resilience policies” to address “long-term bottlenecks” and lay the foundations for “more sustainable and inclusive growth” in the time.
These policies will try to “promote the growth and diversification of exports; investment and productivity; local and regional economic development; formal employment and labor inclusion that includes a gender perspective; improvements in the efficiency and sustainability of the sector energy; environmental mitigation and adaptation policies; and the broader development of capital markets,” it was stated.
There was also agreement on the need to accumulate reserves to guarantee exchange rate stability and contain inflation, and to have positive interest rates in real terms.
Regarding rates, the Government will seek “reasonable and sensible” levels of rates for public services of gas and electricity, applied with “criteria of justice and distributive equity.” In this sense, a segmentation will be carried out, in which the 10% of the population with the highest income will no longer receive subsidies.
Meanwhile, the beneficiaries of the social tariff will have an increase limit equivalent to 40% of the variation in salaries of the last year, and the rest of the population may have increases of up to 80% with respect to the movements of the Salary Variation Coefficient (CVS).
Source: Ambito
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