According to sources, the official announcement of These modifications will be made “between Monday and next Tuesday” and it will coincide with another announcement, in this case, of the approval of the goals for the last quarter of 2022 to staff level agreement (prior to the approval of the body’s board in mid-March). Once approved by the board, some US$4 billion will be disbursed for the BCRA reserves.
In this sense, a not minor detail is that The sources confirmed that the Government will persist in achieving the other goals, fiscal and monetaryalthough they did not want to detail what level the reserves should go from now on in the new agreement with the IMF. That is to say that the program with the IMF would not undergo modifications in fiscal and monetary matters, and only changes would be made in the levels of reserves that must be obtained.
“The program’s objectives for this year are fiscal order, reserve accumulation, and orderly monetary programming. The consensus with the IMF is that it is better to adapt the work schedule for the year from the beginning to provide predictability and not have to make wavers during the year,” he said. Sergio Massa, in statements with Ámbito.
Strictly speaking, at the meeting held in India within the framework of the G-20, Kristalina Georgieva herself, head of the IMF, supported the position of Minister Sergio Massa to support the roadmap of the program with the organization, except for what was agreed to the level of dollars that must be accumulated in the BCRA.
It must be remembered that, in relation to the reserve goals for the first quarter of 2023, The Central Bank had to increase its holding of net reserves by some US$5.5 billion, based on the level of December 2021, that is, the accumulated amount had to exceed US$7.8 billion by March 31. Although the BCRA practically had that level at the end of 2022, in recent weeks the outflow of dollars increased, to the point that it would currently be below US$5 billion.
“The objective is to be realistic and predictable so that the program is really a computer and not a role in the air that is not fulfilled”, expressed in minister and added: “War and drought play a role in our economy and it is better to face it by setting achievable goals so as not to be correcting every quarter”.