The Ministry of Economy, in a press conference with foreign media, analyzed the implementation of measures to recover the prices of public securities. Sovereign securities in foreign currency started the day in the red, both on the local stock market and in New York.
“Argentina made a terrible debt swap to the point that it is the only swap in world economic history that the day after it was completed the value of the bonds fell instead of rising. And that obviously requires a look and an analysis that has to do with the lack of incentives for Argentina’s sovereign bond market to have depth,” he explained this day.
And then he announced: “Let’s study reward mechanisms and payment anticipation in some Argentine bonds in order to ensure that we regain depth and confidence in the sovereign bond market.
In turn, the Minister of Economy announced that he will send a modification to the 2024 Budget bill that he sent to Congress, which has not yet been discussed, so that instead of a deficit of 0.9% of GDP, have a surplus of 1%.
“I want us to set the goal that Congress approves a budget with 1 point of surplus for next year and I have asked the President of the Congressional Budget Commission, which is part of our political force, to immediately summon the Budget Commission to deal with the offprint,” said Massa.
In that sense, he referred to a section of the Budget project in which tax exemptions and tax benefits are detailed. “that are centrally affected by business profits, in economically highly concentrated sectors.”
“That represents 4.8 points of GDP, and I have raised the need for the budget that we sent with a 0.9 deficit to be sanctioned with a 1 percent surplus and that this surplus arises from the treatment of budget and tax benefit cuts that Congress had been sanctioning year after year,” he added.
Even so, he said that they will try to ensure that until the change of mandate, scheduled for next December 10, and beyond, there are “greater signs of austerity because it is very important.”
Source: Ambito
