“We can confirm that the managing director had a call with Minister Caputo to discuss the next steps in the preparation of a new 4 -year EFF program, and that the Argentine authorities requested a total financing package of 20,000 million dollars,” he clarified, this Friday at noon, a spokesman for the International Monetary Fund (IMF), Confirming in this way the sayings of the Minister of Economy, Luis Caputo, who yesterday said that the requested loan would be for an amount of US $20 billion.
This clarification by the fund is due to the fact that this Thursday, the spokeswoman Julie Kozack, In his traditional press conference, surprised not confirming the amount of the requested loan generating greater uncertainty in the market.
Yesterday the Central Bank scored another consecutive wheel with a seller balance, this time for $ 84 million accumulating sales of 1,169 million dollars so far in March.
Meanwhile, this Friday The blue dollar this Friday fluctuated around 1,300 pesos as long as the MEP and CCL were recovered to values that exceed $ 1300.
“The conversations continue and I will not go into details, I can simply confirm that the size of the final package (assistance) for Argentina will be determined by our executive directory and that the conversations focus on a considerable financing package,” said Kozack. Nor confirmed whether the IMF holder, Kristalina Georgieva He had talked with Minister Caputo.
SCOPE could know that the dialogue between both officials took place around 23 hours on Wednesday from the fifth of Olivos, between the minister and the managing director. In fact, he caught the attention that the body’s spokeswoman did not confirm the telephone dialogue sowing doubts regarding whether such conversation had been real.
IMF disbursement sections
In another paragraph of the information provided by this official source of the IMF, they also reiterate what is also said by Caputo himself: “Any agreed package and its distribution are subject to the approval of the IMF Executive Directory”.
They end this brief communication reiterating, which is usual in the sayings of the IMF, which “Progress in the new program is very advanced and the commitment continues at all levels to finish an agreement that helps Argentina consolidate its already successful economic program.”
Kozack’s conference this Thursday generated more uncertainty because he did not give information aboutHe anticipated when the board meeting would take place to deal with the Argentine case. It is ruled out in this week and the next planned meetings are March 31 when article IV of Greece and Sweden will be discussed and on April 4 it is planned to carry out a “Evaluation of the stability of the financial system” of China.
Support for Argentina
“We are going to have so many dollars that could be dollarized based on the monetary base” They comment on the economic team. The numbers arise based on the support that the weights will have, “included to the extended monetary base”, from the 50 billion dollars that would add the reserves held by the Central Bank after the contributions of the IMF, World Bank, IDB and CAF.
This Thursday, both in journalistic statements of the President Javier Milei as in the speech given by the Minister of Economy, Luis CaputoThe authorities emphasized the importance of the loans granted by the multilateral credit agencies and stressed that they will allow the support of the national currency, suggesting the possibility of moving towards each peso in circulation was backed by a dollar.
The head of the Palace of Finance said “with what we are asking to the fund, more what is going to enter from what is Inter -American Development Bank, World Bank and the Andean Development Corporation, we will be around 50 billion dollars of gross reserves.” And he compared this figure with the monetary base measured in dollars that, “to the official change is – approximately – 25,000 million dollars; at the free exchange rate it is approximately 20 billion dollars.”
He added that “even if you wanted to take the basis, arguing that, in convertibility, for example, there were no paid liabilities; the wide base – today – at the free exchange rate, is around 35,000 million dollars. Some other can say:” Ah, well, but they are gross reserves “, see what they want – boys – see the swap, whatever they want. A few days, the liabilities of the 1st Central Bank will have, that is, the weights, we have never had even convertibility … with something even more important that is also with fiscal surplus. ”
In the same sense, Milei spoke when pointing out in radio statements made this Thursday: “I have 50,000 million dollars to support 22,000 million dollars. That is, I have more than double.”
One of the most uncertainties of analysts is that it will happen with exchange policy. In this regard, consulted in case I was going to continue with the Crawling PE, the president said: “The discussion is immaterial, because if I am going to have $ 50 billion of assets, of gross international reserves, against a monetary base at the official exchange rate of 26,000 million dollars, the answer is immaterial. You have a lot of dollars for little pesos. And it also does not have a fiscal deficit, it does not issue for financial sector, with which, automatically, that is, there are very few pesos and there are a lot of dollars. that what was convertibility. ”
In any case, since the conduction of the Palace of Finance, it is denied that there will be a significant adjustment of the exchange rate.
Source: Ambito
