He defined that Argentina needs: “strengthen the accumulation of reserves” and reduce the primary fiscal deficit”. In this sense, he explained that the DNU of the budget goes in that direction since it “updated to give greater consistency to fiscal policy.”
In this framework, it was that he also mentioned the scheme “of the adaptation of the foreign trade policy with the objective of strengthening reserves”.
As I also emphasize that in terms of monetary policy: “there was a readjustment of the entire structure of interest rates to support the objective of accumulation of reserves and greater exchange stability”.
“Yesterday we had a very positive tender for Treasury instruments. All maturities from yesterday were refinanced. In fact, there was a 2% positive net financing. And this builds greater stability,” he stated.
Guzmán insisted on the need to “to be able to strengthen the accumulation of reserves” and assured that, for this reason, “a set of actions were carried out from the macroeconomic policy aimed at allowing Argentina to continue growing.”
Fiscal policy
For the minister, the government gave “A very clear message from fiscal policy: it is necessary to combine a fiscal policy that continues to underpin this strong recovery and that allows the State to finance what is essential for economic development at the same time that the State is strengthened by ordering its public accounts” , he added.
To later emphasizeToday Argentina needs to reduce the primary fiscal deficit”.
Although minimizing that the different exchange rates had strong rises these days, Guzmán acknowledged that “Whenever this type of stocking is taken, there is an immediate reaction from the market.”
To then assert that “The reactions of the days that passed were as expected. The results in just 3 days accumulated more than 900 million dollars of international reserves and today about 580 million dollars and we hope that tomorrow and in the coming weeks this process will continue on the path in the which we projected”.
It should be noted that the Central Bank at the beginning of June accumulated purchases for about USD 900 million when in the same period last year it already had almost accumulated about USD 6,000. Moreover, in the report released last week, the IMF warns of the need to strengthen the Central Bank’s reserves.
for the minister “what happened this week is a positive result” because it reflects atrend of strengthening of stability conditions. With a country accumulating reserves, strengthening its financing possibilities and that is the path that will allow dealing with the situation of the exchange rate gap”.
For this reason, he insisted again that “sMeasures have been taken that are going to strengthen this growth path”.
These concepts were expressed in the framework of the press conference at the Casa Rosada that I offered together with the governor of Santa Fe, Omar Perotti.
In this way, the Minister of Economy and, with the intention of reassuring, do not hesitate to affirm that it is registered “a dynamic trend towards strengthening the conditions of financial stability” after the measures adopted to tighten the trap on imports.
For his part, Governor Perotti highlighted the agreement reached after a meeting with President Alberto Fernández by which the Nation will pay with bonds a debt of 151,800 million pesos that it has with the province.
Source: Ambito
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