Next, the head of the Palace of Finance will participate in a meeting with the finance minister of India, Nirmala Sitharaman, for “Work on the potential and technological possibilities between both countries, and the coordination of common proposals within the G20 meetings.”
In addition,Massa will hold a meeting with China’s Vice Minister of Finance, Wang Dongwei “to advance bilateral economic and financial cooperation related to Chinese financing of infrastructure projects for development in Argentina and alternatives for strengthening Argentina’s international reserves.”
One of the issues that is concentrating international attention is the war in Ukraine, which is now over a year old. In this sense, countries such as the United Kingdom represented by its Minister of Economy, Jeremy Hunt, plans to reaffirm British support for Ukraine.
It should be remembered that the country invaded by Russia has requested a loan of 15,000 billion dollars from the IMF to recover its economy. In this sense, President Joe Biden, after his visit to Ukraine, stated that the United States will request that the Fund provide its assistance.
The Argentine government points out that the war in Ukraine has meant an extra cost of US$ 5,000 due to increases in the international prices of energy, fertilizers and freight that could not be offset by the increase in product prices. agricultural.
This argument is for the purposes of the IMF making the demands of the Argentine program more flexible.
In these G20 meetings, global macroeconomic issues are addressed through the meetings of Finance Ministers and Central Bank Governors.
Some of the topics to be discussed are: global economic prospects and risks; reforms for a more stable and resilient global financial architecture; international taxation; financing of quality infrastructures; sustainable finance; financial inclusion; financial sector reforms and financing for future health emergencies and investments in prevention, preparedness and response to pandemics.
Among the achievements of these meetings, especially in the post-pandemic phase, is the Debt Service Suspension Initiative.
Meanwhile, another part of the economic team traveled to Washington. The vice minister Gabriel Rubenstein, the chief adviser to the Minister of Economy, Leonardo Madcur and the finance secretaries Eduardo Setti, and Treasury, Raul Rigo, are in the capital of the United States with the objective of advancing the understandings with the International Monetary Fund and, according to speculation in the market, achieving a reconsideration of the reserves goal.
According to private reports, the reserve accumulation target agreed with the IMF for the first quarter of the year is very difficult to meet. Net reserves (calculated according to the Fund’s methodology) are currently below 4.8 billion dollars, far from the 7.8 billion that the Central Bank should register on March 31.
In the immediate, The official intention is to achieve on Friday, February 24, the approval of the technical staff for the fulfillment of the goals in the last quarter of last year.. Meanwhile, it is estimated that the Board of Directors will discuss the Argentine case on March 21.