Industry sources confirmed to Ámbito that they brought a proposal to the Government: a change in legislation to increase its price in the secondary market, the possibility of applying it to tax credit and access to the cash segment with settlement to cancel part of the liability with its suppliers.
The Companies presented the Government with a series of proposals to make the dollar bonus that the Central Bank will offer to importers more attractive. that have increased their stock of commercial debt in the last year. Industry sources confirmed to Ambit that the incentives that they request have three axes: a change in legislation to increase its price in the secondary market, the possibility of applying it to tax credit and access to the cashed segment with settlement to cancel part of the liability with its suppliers. Meanwhile, the Argentine Industrial Union celebrated the mega decree that was published in the Official Gazette, particularly the chapter that sweeps away a large part of the labor legislation.
The Government faces an ambitious plan to aspire pesos from the market. This Wednesday it did so via a Treasury tender, but it will also do so in the coming days through the Central Bank with the issuance of a bond payable in dollars but integrable in pesos. It will be specifically aimed at importing companies that increased their stock of commercial debt due to difficulties in accessing foreign currency last year.
This is a joint strategy to build what the economic team describes as a bridge: “Today we have many pesos and few dollars, but in the future that equation will be reversed, we will have many dollars and few pesos”assure the officials who command Luis Caputo and Santiago Bausili in Economics and the Central Bank.
It is estimated that the Importing companies are in a position to subscribe to the instrument for the equivalent of US$30,000 million. They are mostly industrial firms. With different situations: debt between subsidiaries and parent companies, debt with suppliers but still without problems in the flow and others with more complex cases, they say, on the verge of stock breakdown.
What the industrialists asked the Government
Both the Government and the industry need to find a way out of the problem. Sector sources anticipated Ambit who approached officials from the economic team with a series of proposals to make the instrument more attractive and for the placement to gain volume.
The first is linked to legislation, They asked that the issuance be made under foreign law to increase its potential price in the secondary market. As this media learned, This was ruled out almost immediately by government representatives.who consider that this operation can only be done under local legislation.
The officials collected two other proposals: the possibility of applying it to a tax creditto make it more attractive for companies, and that access is allowed to the counted segment with settlement for a percentage of the commercial debt to cancel part of the liability with its suppliers. The latter is because critical situations persist in access to inputs due to the delay in stock, which also does not allow the flow to be regularized.
There has been no response to these two questions until now. What is clear is that, in any case, the only option that the Government puts on the table to organize the commercial debt is the bond that the Central Bank will issue. “There are no dollars,” they say, emulating Milei’s catchphrase in every business meeting.
Source: Ambito
