The Fund will announce today that approves the credit for Argentina of US $20,000 million. The pact will imply changes in monetary policy and modifications in the exchange rate. Milei gathers his ministers to explain the scope.
After months of negotiations, started practically since the beginning of the libertarian management, the International Monetary Fund (IMF) He will confirm today the loan of US $ 20,000 million for Argentina. The pact will entail some adjustments in economic policy, whose details will anticipate and explain the president himself Javier Milei and the Minister of Economy, Luis Caputo, at a summit they summoned for this afternoon at Casa Rosada.
As he knew Scopethe economic team will provide a press conference from 5:45 p.m. at the Government House. Meanwhile, the IMF is expected to announce the approval of the agreement after 18.
The loan would brought calm to the markets, despite the fact that they are altered in the midst of the commercial war for tariffs imposed on the world. But the attention is largely placed with what happens with the value of the dollar and the possible exit of the exchange rate. Also, the effects that this may have on the inflation.
It is expected that The first credit disbursement is US $ 10,000 million or more. In addition, after the agreement with the IMF, the amounts of the loans that the economic team has been negotiating in the World and Inter -American Development Banksamong other multilateral organisms, for a figure that could exceed US $ 10,000 million.
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With the consequent recomposition of the reserves of the Central Bank that would imply these disbursements, The Government would accelerate the deadlines to raise different restrictions imposed by the stocks. In official media it is estimated that companies accumulate about US $ 6,000 million profits pending turns abroad YU $ S15,000 million loans between companies and other concepts.
In the halls of the Casa Rosada, it insists that there will be no significant correction of the official exchange rate. But The possibility that the dollar blend is eliminated is not ruled outa variant that was always criticized by IMF technicians who reject the types of multiple changes, and that the official dollar rises so as not to harm exporters. Today, exporters receive an exchange rate 5% higher than the official dollar for 20% of the currencies that are channeled by the financial dollar.
The new Scheme could also contemplate a bands scheme with a limited flotation system for the purpose of meeting the IMF demand for greater flexibility in exchange management.
Another of the agency’s requirements refers to the need to accumulate reservations in the Central Bank. Despite the bulky commercial surplus, the BCRA was able to accumulate during the current management only about US $ 5,000 million -the net reserves remain negative -because it had to meet the payments of the external debt in a context of absence of external financing in conditions that would allow it to roll the maturities.
Source: Ambito
