This Tuesday, the monetary authority must transfer approximately US$2,738 million to cancel the April installments it has committed to the IMF.
This week the Government faces key days for payments to the International Monetary Fund (IMF), after the Minister of Economy, Luis Caputo, announced that work is being done on a review of the current program.
In this framework, the gross harvest currencies come slowly. This Tuesday, the monetary authority must issue approximately US$2,738 millionto cancel the April installments that have been committed to the IMF.
At the same time, goals are expected to be overachieved, generating a scheduled disbursement of US$791 million. A technical mission from the IMF arrived in Buenos Aires this Monday in order to begin the eighth review of the Extended Facilities agreement. From the Fund they explained that “the objective remains to support the authorities’ ongoing efforts to restore macroeconomic stability, support working families and to lay the foundations for more solid and sustainable growth.”
Dollar: concern about the delay of the thick harvest
Affected by the adverse weather and the strike of oil workers and SENASA employees affiliated with ATE from the ports in demand of the restitution of the income tax of the fiscal project, the volume of money negotiated in the cash segment on Monday was less than US$285 million. For these reasons The Government had to sell foreign currency to meet the demand mainly from importers.
On the other hand, the consulting firm Vectorial considered that “the doubts raised by the liquidation of the coarse harvest within the framework of a blend dollar that the field may consider non-competitive, the considerable increase in agricultural inputs that warns about planting and without sweeteners in sight such as the Soybean/Agro Dollar (or even a reduction in withholdings) jeopardize the level of entry of fresh dollars into the BCRA.”
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BCRA: the payments you must make in the coming days
In this context, the BCRA must also comply with the swap maturities, in June, and with the IMF. This week they must be paid to the Fund US$2,738 million (US$1,936 million correspond to capital payments and US$799 million to interest).
In the short term, Bausili must renegotiate some US$4.9 billion of the swap that expires this year, for this purpose he traveled to China together with the chancellor, Diana Mondino, and met with the president of the People’s Bank of China, Pan Gongsheng. “They discussed the historical relationship between both Central Banks, which began with the signing of the first swap 25 years ago; Argentina’s commitment to the internationalization of the RMB as a currency for trade settlement; the identification of technical areas to complete the reviews contemplated under the swap agreement; and cooperation agreements and exchange of technical and regulatory experiences,” the Foreign Ministry highlighted.
Source: Ambito
