The minister of Economy, Sergio Massadefended this Saturday the measure he took this week in relation to the pesification of the debt of public organizations. This measure is intended to bridge the gap between blue dollar and the financiers.
“It is beneficial for the Anses”, Sergio Massa maintained in statements to Radio Miter. In addition, the head of the economic portfolio explained that he requested an opinion on the initiative from the School of Economics of the Buenos Aires’ University. “If it is determined not to be beneficial, the ANSES will not intervene in the exchange“, he claimed.
The minister maintained that the arranged exchange is about a “ordering of the public debt of the state” and explained that, prior to taking this measure, there had been “113 organizations of the national public sector that in a disorderly way, many times even causing damage to the State, managed the purchase and sale of public securities in the secondary market”.
The minister pointed out that this situation constituted “a problem for an economy that needs order in its public accounts” and that it took away “the State’s capacity for action and stabilization”, for which reason The measure will allow “guaranteeing certainty” and gaining “transparency”resolving a “dissociation between economic policy and the participation of the public sector in the secondary market.”
“From the measure Agencies will not be able to buy and sell bonds at their discretion in the secondary market. They are going to have to do it under a program and under the rules of the capital market by Byma and MAE ”, she explained.
“Anses earns a little more than US$ 2 million with this operation because what it does is maintain the dollarization of the portfolio and, on the other hand, it gives the bond the possibility at the moment of selling it to choose between settling it by inflation or in dollars,” he specified. Massa.
After which, he noted that instead of presenting a loss, will imply a gain of “more than $400,000 million” in the Guarantee and Sustainability Fund (FGyS) that “will be assigned to loans for retirees and productive loans”, which will be announced by the pension entity “next week”.
The official considered that the criticism stemmed from “advance opinions” that had been released before the decree and its annex were published and recalled that the FGS had “a growth in equity value of almost 40%” in the last three years.
“I understand that when the first opinions appeared, neither the decree nor the annex had been published, so they did not understand and were ignorant of the issue. Not knowing the details leads to anticipated opinions, the challenge and the opportunity has to allow us to strengthen the FGSwhich in the last three years has had a 40% growth in its value in dollars”.
UBA intervention
Regarding the particular point of the Anses, the minister said that ordered the Faculty of Economic Sciences (FCE) of the UBA “an opinion for those who still have doubts as to whether it is beneficial or detrimental to Anses”.
“If the opinion gives that it is not beneficial, Anses will not intervene in the exchange but we are certain that it is absolutely beneficial”, emphasized Massa.
Source: Ambito
