The Minister of Economy, Sergio Massaannounced this Sunday a program of pre-financing of exports for US$770 million in order to increase the reserves of the Central Bank. The decision is framed within a battery of measurements that the Government disseminated in the last hours.
Through social networks, the Unión por la Patria candidate announced the implementation of a new plan to promote foreign trade. Financing will be provided by Banco Nación and the Banco de Inversión y Comercio Exterior (BICE).
According to the minister, the entity that commands Silvina Batakis will contribute $550 million, the largest volume of foreign currency for the conformation of the program. While the bank that drives Michael’s Marian will do the same with US$220 million.
Massa stressed that “the objective is that the companies that sell Argentine work to the world have all the tools to continue increasing the volume of exports and accumulate reserves.”
At the same time, he pointed out that “continuing to strengthen our exports to make our reserves stronger is another task that we have to carry on with.”
The announcement is part of the Program to Strengthen Economic Activity and Income for industries, in which the credit line for companies will also be expanded and the rate bonus for the CreAr line will be increased, as well as the Single Financial File, to improve access to credit for SMEs.
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Earlier, the minister announced a credit line for workers, with the aim of strengthening consumption and cushioning the impact of inflation. In addition, he will implement a tax relief and loans for monotributistas for up to $4 million.
The measures seek to correct the impact generated on workers by the 22% devaluation arranged by him central bank at the request of IMF, after the jump of the blue dollar as a result of the result of the STEP.
In addition to assistance for workers, relief was implemented for retirees, pensioners, AUH beneficiaries, Alimentar card, small and medium-sized companies, industries and regional economies.
The battery of measures began days ago with the implementation of a new price agreement with 425 companies for 90 days, which will enable companies to limit their increases to 5% per month.
In turn, a new understanding was reached with the main oil companies that operate in the country to freeze the prices of fuels at the pumps until October 31. The objective is to avoid the transfer to devaluation prices.