The Minister of Economy, Sergio Massa, will travel next week to Washington, USAwhere the owner of the International Monetary Fund (IMF), Kristalina Georgievawhile attending the summit of finance ministers and central bank presidents of the G20within the framework of spring meetings (boreal) of IMF and the World Bank.
The Argentine official will take advantage of this forum to also maintain bilateral meetings and with directors of the organizations, within the framework of the program that the Argentina keep with himIMFand the need to promote the foreign trade and to taste more reservations.
Massa, who will travel accompanied by a delegation of officials from his team, whose list will be defined this weekend, has initially been scheduled to arrive in the capital of USA to attend a breakfast on April 13 at the facilities of the headquarters of the IMFwhere he will meet his peers from the region and attend the G20 Finance Ministers Summit.
It also plans to meet at a bilateral with the OECD Secretary General, Mathias Cormannat the same time that he would participate in a lunch where the central theme would be the increased efficiency for tax collection.
Massa will also keep bilateral meeting with the IMFwith the second of Background, Gita Gopinath, after the approval last week of the fourth review of Argentina’s program with the organization, which allowed the disbursement of US$5.400 million, and with a view to the start of the next review of the numbers for the first quarter of 2023.
Massa gopinath (1).jpeg
Meanwhile, with Georgieva will meet face to facewithin the framework of a meeting of ministers of the region and the rest of the hemisphere (Canada and United States).
Also, Massa will hold a meeting Governors with the IMF where he will participate in a session of Early Warning Assessment (EWE) that, together with the Financial Stability Board (FSB)are evaluated semi-annually “tail risks” for the world economy.
This forum was created in 2008 when the G20 asked so much to IMF as to world Bank to work together to get early warning to help policy makers identify risks and vulnerabilities endings that could lead to more systemic shocks.
imf .jpg
On this occasion, finance ministers will closely monitor the impact of the prolongation of the war in Ukrainethe impact the trade fragmentation that began with the pandemic and deepened with said war, the economic consequences of the climate changeand there will be a special session dedicated to the topic of cryptocurrencieswhose global discussion goes through regulation.
the schedule of Massa with the Background will continue with a meeting regional peers with the new director of the Western Hemisphere of the IMFthe Chilean Rodrigo Valdezwho will formally assume his position from next May.
Among other bilateral meetings, a meeting with the Vice President of the World Bank, Anna Berdje, and the Colombian Minister of Economy, José Ocampoin an official agenda that would last for three days.
massa
Getty Images
Late March, Massa I travel to Washington and joined the official entourage that accompanied the President Alberto Fernandez on his visit to the White House, to button up the details of the fourth revision and to continue oiling contacts with USA and with International organizationsin search of greater opportunities to increase the Bookings.
In Economyas reported in the framework of said trip, they calculate that they will still need to gather around US$3 billion to finish transition smoothly through an election year.
alberto fernandez biden.jpg
At the conclusion of the review last week, the board of the IMF considered that the Argentina “met all the quantitative performance criteria until the end of December 2022 with some margin“.
In addition, “the board also approved default waivers associated with the introduction of policy measures that gave rise to new foreign exchange restrictions and multiple currency practices,” which were intended to counter the most severe drought the country has suffered in years.
fmi.jpg
The directory of Background also “approved modifications to the reserve accumulation goal to partially accommodate the impact of the severe drought”. In this sense, the modify the annual goalwith a reduction of $1.8 billion of what was initially scheduled, with which the annual reserve accumulation goal was u$s8,000 million.
It was also agreed to reduce the reserve target for the first quarter, in US$3.6 billionwhich would give an expected accumulation of US$5 billiondue to the fact that the impact of the drought hit hard in the first three months of the year.
Finally, the rest of the quantitative fiscal deficit targets (1.9% of GDP by 2023) and the financing restriction of the central bank to the Treasure.
Source: Ambito
