Martín Guzmán will not be able to get excited. The Ministry of Economy knows that this money is automatically redirected to the accounts of the IMF itself, and that it will be used to cover the July expiration of the standby signed by Mauricio Macri in 2018. A curious fact. With the approval of the goals for the first quarter, Alberto Fernández will be able to wear a cucarda. Under his management, Argentina passed the first mission of the IMF. Something that the macrismo did not achieve, since the first stand by of the Cambiemos government fell two months after it was signed.
critics
The second part of the IMF board meeting, where the Argentine case will be analyzed, will inevitably be tougher. It is ruled out that a platoon made up of Japan, the Netherlands, Great Britain and many other European countries will be especially critical of the progress of the local economy. And that some of those named are particularly harsh. Even not only against the Creole conduction, but against Goldfajn.
The position expressed fundamentally by the United States, in addition to Germany and France, is still unknown. These three countries were the main promoters of the agreement with Argentina, a position that they would maintain on this occasion. However, this does not mean that they cannot be critical of the progress of the Argentine economy, and the very real possibility that the goals agreed for all of 2022 (a 2.5% deficit, reserves of more than US$4.8 billion and no more than 1 point of GDP issued to finance the Treasury) are not met. And that before this reality the members of the board ask how the IMF thinks that the country will reach these goals. It will be in those moments where it will be necessary to follow the vehemence of Goldfajn’s obligatory exposition, and if the Brazilian-Israeli becomes a defender of the Argentine cause, or its main critic.
The director for the Western Hemisphere is the IMF’s highest authority in the control of the local economy and in the follow-up of the Creole case. He was appointed to his position in February, with the explicit mandate (accepted by himself) to carefully carry out the Argentine case under his custody. And from the first moment, Goldfajn made it clear to the men and women of Buenos Aires that he is ultimately responsible to the body’s board for the success or failure of the Extended Facilities approved (with many doubts) on March 25. The director had affirmed at the spring meeting of the IMF and the World Bank in Washington that this commitment would be fulfilled to the letter, and that it would be tough on auditing. And that this task would include the recalibration of numbers and percentages to evaluate and rule out potential waivers. Today will be the first time that he fulfills this public mandate before the board.
Source: Ambito
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