The Minister of Economy did not give precise dates but assured that they are working “to ensure that they are met as quickly as possible.”
The Minister of Economy, Luis Caputo, expressed hope for Argentina’s direction in 2025 and He reiterated that the Government has the objective of lifting the restrictions next year. In the same sense he expressed himself about the agreement that he negotiates with the International Monetary Fund (IMF): “It will contribute to lowering country risk, lowering financing rates. I am super optimistic“he highlighted.
As he has already explained on other occasions, the official conditions the opening of the stocks to the progress of the agreement with the Fund since he stressed that it is necessary for the Central Bank to have more reserves. Although he stated that the exchange restrictions will end next year, he did not give exact dates: “The timing is more difficult to say because it implies that certain conditions are met. I would love to say that we have the crystal ball and we know exactly when they are going to end.” comply, but We work to ensure that they are fulfilled as quickly as possible. The agreement with the Fund is a fundamental part of that,” he remarked in dialogue with Break Point streaming.
In this regard, he added: “We could continue recapitalizing the BCRA as we did until now, when we bought 22 billion dollars of reserves, but even with the negative reserves that we had inherited, plus the payments that had to be made, we are still slightly in negative net reserves. One of the conditions is the recapitalization of the BCRA. It can continue to be done gradually or if there is an agreement with the Fund that involves additional moneythat money would go to recapitalize the BCRA and would overcome one of those conditions that has to be met so that we can get out of stocks.”
Luis Caputo highlighted the fiscal surplus that the Government achieved
At another point in the interview, Caputo recognized that the first section of the Government of Milei “was going to be characterized by strong adjustments.” For this reason, he stressed that from minute zero “he knew that the economic program was brutally solid in monetary, fiscal and financial terms.” In this way, he indicated that the results “They were as expected, in accordance with official plans.”
On this point, he assured that “December It will end with a deficit as happens every yearbut this time it will be a third of what it was in 2023. As we were accumulating surpluses, we are going to finish en 0.2% or 0.3% of GDP surplus.”
Furthermore, he maintained: “Although the PAIS tax was ended, as the budget that was not approved said, we are still going to maintain fiscal balance. The fiscal anchor will continue to be there and monetary control will continue to be there,” he concluded.
Source: Ambito
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