Specifically, the National Public Sector had a fiscal deficit of $210,052 million in August and accumulated a deficit of $1,086,680 million in the first eight months of the year, which represents 1.4% of GDP, with an estimated GDP of $ 76.5 billion by 2022, according to the IMF report of the first review of the agreement with Argentina.
“Analysing the goals as they are established, as of August, 96% of the September deficit goal has been executed, that is, of the $1,142,100 million that must be reached, $1,101,336 million have been executed,” noted the CEPA report.
This would leave the Government with a net spending margin of just $40,746 million in deficit for September, a situation that without any extraordinary modification would seem impossible to fulfill considering, for example, what happened in the last five Septembers.
“Now, during the last month of the quarter, the Government will have extra income from the withholdings applied to the liquidation of soybeans with a dollar at 200 (this could contribute almost $300,000 million), to which is added a possible nominal revision of the deficit target, which would grant an extra fiscal space of $120,000 million more,” the document stated.
To take note of the effect of the so-called “soybean dollar”, the export of soybeans and oil derivatives involved the entry of US$ 1,790 million through the Single Free Exchange Market (MULC) this week and, in the month, accumulates US$ 5,355 million
“In this way, although the numbers today look complex, the government has sufficient tools to twist the situation and meet the deficit goal without major inconveniences,” the report concluded.
Source: Ambito
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