This Wednesday, even with all the restrictions in force for importers to operate in the Single Free Exchange Market, the Central Bank sold some US$150 million. In the last six days it accumulates a red of US $ 800 million. The pressure in the exchange plane is redoubled and to achieve Dollars to sustain local production is one of the central challenges of the new management.
Dollars
With this scenario, the new minister announced that special regimes will be implemented for export sectors, such as the knowledge economy, agribusiness, mining and hydrocarbons. At the same time, he asked Congress to speed up the parliamentary projects for these items.
Another important point is that subsidized lines of credit will be promoted, specifically those that are focused on exports. At the same time, guarantees will be given for those SMEs that make their first sale abroad.
If there is a carrot, there is also a stick. The Government announced that it will put the magnifying glass on fraudulent imports. A registry will be opened for some 722 companies to rectify their position before Customs. The focus is on triangulation maneuvers that ended with overinvoicing of imports and underinvoicing of exports. They estimate that there were about 13 thousand operations.
With these instruments, plus extra disbursements from multilateral credit organizations, the Government hopes to strengthen reserves and guarantee the importation of the necessary inputs to sustain production levels. Perhaps the most important gesture that the new Economy Minister gave was to put a specific figure. More than US$5 billion to overcome the crisis.
Pesos
Scarcity is not limited to holding reserves. At the end of the first half of the year, the monetary issue goal set at around 1% in the agreement with the International Monetary Fund was practically exhausted. With this scenario, the Government will accelerate the removal of energy subsidies. The cut will not only apply to households excluded by segmentation, but there will be ceilings on the consumption of households that continue to receive subsidies.
At the same time, Massa confirmed that the freezing of the state plant will continue in force and will be reinforced. He anticipated, along these lines, that no more transitory advances will be used in the remainder of the year. To close the fiscal chapter, he confirmed that the goal established in the agreement with the International Monetary Fund of 2.5% of the deficit will be met.
Before leaving for the Bicentennial Museum, the former president of the Chamber of Deputies received his economic team to polish the details of the roadmap that he later confirmed to journalists at the Palacio de Hacienda. Raúl Rigo participated, who will take over as Secretary of the Treasury, Eduardo Setti, who will do the same in Finance, José Ignacio de Mendiguren, who returns to Industry, and Lisandro Cleri who will remain as Vice President of the Central Bank.
At the close of this edition, Massa had not defined a secretary for Economic Policy and had not confirmed whether the energy area will remain as it has been until now. Perhaps two of the most relevant questions that remain to be cleared up.
Source: Ambito
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