A mission of International Monetary Fund It will reach the Argentina In the coming weeks to advance in a review of the fulfillment of goals, within the framework of the new program by U $20,000 million which agreed with the government in April of this year.
The review is expected to be carried out in the first days of Julywhich postplaces the evaluation of the reservation goal that was initially planned for the June 13 next.
This date change will give the Government a greater period of accumulating the U $ 4,000 million that needs to achieve the objective set in the agreement. The new program with the IMF established that the Net International Reservations (RIN) They had to reach U $ S-500 million From the area of U $ S-4,900 million in which they were March 31 last.
From the implementation of the new scheme of exchange flotation Between mobile bands, the BCRA You are avoiding buying currencies in the change market so that this demand does not impulse up to the exchange rate, which would be in the opposite direction to its objective of prioritizing the decline of the inflation.
Due to the decision not to intervene until the dollar touch the floor of the band of $ 1,000 Already the disbursements for debt payments, the reserves went down to U $ 37.8 billion This week, what places them in some US $ 1,500 million less than at the end of April.
Days ago, EconViews He referred to the government strategy to obtain dollars. “Finally, the Treasury got dollars issuing a bonus in pesos for international investors, who subscribe it in dollars. Thus, the treasure receives fresh dollars, although capital maturities and interests will be paid in pesos.”
“The play is good: it allows the Government to approach the goal of reservations with the IMF (which we all know that it will not meet) and, at the same time, it maintains its promise not to buy reservations within the exchange band,” he concluded.
Javier Milei said that the goal of reservations with the IMF “is already fulfilled”
The President Javier Milei said last Friday that The goal of reservations committed to the IMF “is already fulfilled” and ruled out that it is a problem for the government. However, some private reports argue that, even with a new repo with banks and the recent placement of Bonte 2030, Argentina would not meet that goal.
“The goal is not a problem, that’s it”, The president sentenced in an interview with Neura, referring to the commitment agreed to the International Monetary Fund. In addition, he assured that inflation “It will be a problem of the past” and that the accumulation of reserves is not relevant in a flexible exchange rate scheme.
Milei explained that, at US $ 1 billion obtained this week with Bonte 2030, it will be added “a repo with the banks that will allow reaching US $ 2,000 million OU $ 3,000 million, and the IMF disbursements themselves, which will allow the entry of between US $ 2,000 million YU $ S4,000 million more”.
“When you have a flexible exchange rate, you don’t need to accumulate reservations”Milei insisted. And he argued that those who claim otherwise are “looking at the problem in an incorrect way.”
Source: Ambito
