For the future chancellor, the key will be to increase export capacity to begin to solve the debt that importers owe to their parent companies.
Diana Mondino He spoke with journalists after the presentation he made at the 29th Annual Conference of the Argentine Industrial Union (UIA) and ratified that the Government of Javier Milei who will take office on December 10 will seek to eliminate the SIRAs.
For the future chancellor, the key will be to increase export capacity to begin to solve the debt that importers owe to their parent companies. To businessmen, Mondino was forceful: “hold on for six months.”
In response to the query of Ambit, Mondino assured that the SIRAs They are an “extortion mechanism” and that the incoming Government will try to eliminate them. “It creates obstacles and has no benefit,” he explained. However, he announced that it will not be December 10. ““These are issues that are going to take weeks or months.”
On the other hand, regarding access to dollars for imports, he assured that after several things are resolved in the exchange market, the aim will be for the importer to get the dollars they need in the market. In turn, he added that the dollars “belong to the exporter” giving details of what the State’s role will be in foreign trade operations. ““We are going to have a single market, but that will not come in December or by chance.”
What are SIRAs?
On October 17, 2022, those who wanted to import goods into the country had to go to the Argentine Republic Import System, better known as SIRA, a system that was proposed with the arrival of Sergio Massa to unify criteria in the three organizations in charge of the foreign trade: the Central Bank, Ministry of Economy and the Secretariat of Commerce. This coordination system gave the economic team greater control to detect irregularities and to manage one of the main channels through which the dollars of the country. But it was not far from controversy due to complaints of arbitrariness, delays in the approval of SIRAs or in access to foreign currency.
Importers’ debt
The commercial debt for imports of goods grew by US$3,000 million in October and the total stock including services was on the verge of US$60,000 million. These commitments more than double the average of the last decades and, given that the majority is from short-term maturities, will be a problem in the future to eliminate the exchange rate in a scarcity context of reserves. Companies remain concerned about what solution the government will seek from December 10. Government of Javier Milei and the possibility that an eventual devaluation increase the cost in pesos of said maturities.
Source: Ambito
