In this sense, Ambit was able to learn that by October, the Minister of Economy, Sergio Massa aspires to enter some 3,900 million dollars. The contributions would come from the Inter-American Development Bank, the World Bank and the Andean Development Corporation. An international loan would be added to the resources provided by these multilateral organizations, as pointed out to Ambit a high official source.
It should be remembered that the disbursement of almost 3,900 million dollars (SDR 3,000 million) by the IMF is also pending for October, once the board approves the second revision of the Argentine program.
The tour carried out by Massa and his team to the United States had two purposes: to guarantee the authorities of both multilateral organizations and the government of that country Argentina’s determination to comply with the agreement signed with the IMF.
On the other hand, in his contacts with businessmen -particularly with the oil sector- Massa gave assurances that Argentina is willing not to miss the opportunity offered by the development of the energy sector.
In general, his presentations by the Argentine delegation were well received by the audience and, despite the skepticism generated by Argentina with its changing rules of the game, the Minister of Economy managed to convey confidence, several businessmen commented to Ambit. Others are not so convinced, but the country’s natural resources are important enough that the big players are left out.
Bookings
In parallel, Massa achieved the approval of the second review and a certain “laxity” in some goals, in the case of reservations, to smooth the path towards the third review. It should be remembered that the staff statement states that the accumulation of reserves should reach 9.8 billion dollars for the 2022/2023 period.
In other words, this year the BCRA could reach US$5,000 million of recomposition, leaving for the next US$4,800 million, a mechanism that would be accepted by the body that it presides over. Kristalina Georgievthey maintain in Economy.
In any case, the shortage of dollars is not only a concern for compliance with the IMF. It is that this restriction affects the productive activity, given the restrictions to import.
In this regard, Massa detected numerous irregularities that, beyond the lack of dollars, complicate the approval of imports. The economic team is working to simplify the requirements that importers must face today. Currently, each external purchase is authorized by three divisions that do not work in a synchronized manner.
Massa admits that the over-invoicing is a product of the “exchange rate gap” and that “it will take time to shrink it” therefore, you must be very careful with the dollars that leave the BCRA.
In this sense, People are still thinking about what measures to take to restrict the use of the “card” dollar in view of the proximity of the World Cup in Qatar and also holidays. “With the rise in local prices in summer centers, many are considering going abroad”, admit with concern in Economics.
From the outset, Massa had in mind to limit spending on tourism and, after evaluating several alternatives, for the time being, the strongest idea it would be to establish a quota to be paid with the card dollar and the rest of the expenses should be faced with “the mattress dollars” they venture
Shortage
Foreign exchange income is one of the most difficult issues facing the economic team. Not only is the current shortage of foreign currency worrying, but also the prospect of greater problems due to the drought that is affecting the countryside and that threatens to reduce the exportable balance.
In this sense, they anticipate that will continue to encourage exports from those sectors that are considered “sources of dollars”as was done for agriculture or oil, encompassing others such as knowledge industrywith special regimes.
The Government makes firm bets both in gas and oil, as in lithium. “It is that there is a limited time for Argentina to develop the potential of lithium,” the experts explain. It should be noted that Massa’s visit to Houston was well valued by the business sector, followed by that of the president Alberto Fernandez just a week later.
Massa, who also has personal friends in the energy sector, knows that attracting investment to Vaca Muerta also has a temporary space and for this reason he will work to pave the way. One thing to consider, and not least, is that Massa has the support of Kirchnerism to advance in developing this sector. The Government is betting that the gas pipeline Nestor Kirchner be completed by next winter. From the private sector they estimate that it can be reached (if there are no imponderables).
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
