Argentina between the Fed and the IMF
Churchill said: if you are going through a storm, then you have to keep walking. Two events that occurred in the last hours work in this vector form. On the one hand, the announcement of the new goals with the IMF. On the other, the crisis affecting the banking sector in the United States. They frame. The most important fact is that, in the analysis, it will be necessary to add, now, everything that appears on the horizon. Mrs. Georgieva, for example, announced yesterday that the reserve accumulation targets are being modified as a result of the drought, but she maintains the fiscal deficit target of 1.9% of GDP for 2023. She makes the target more flexible and will require about US$2 ,000 M less this year. But instead he argued that a stronger policy package is needed to safeguard stability (and pay off the debt). And incidentally, he warned that he will take “measures” to address the fiscal costs of the “unforeseen” approval of the pension moratorium. And he remembered: positive rates and not using reserves to intervene in the parallel exchange market.
Source: Ambito
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