During the weekend, the economic team tried to run the axis of the agenda and turned to make publications on social networks about different variables of the economy. Caputo in particular participated in a political act in the Palermo neighborhood with Karina Milei, the general secretary of the Presidency.
This Monday, he launched the announcement of the fiscal result with the following message: “Going to the truly important for people, in the month of January we recorded a primary surplus of $ 2,434,865 million and a financial surplus of almost $ 600,000 million”.
And he added that this performance was achieved despite having “eliminated taxes and tariffs”, mainly reference to the expiration of the expiration of the Country tax that last year was a key chance of the collection (after Caputo himself had uploaded the aliquot at the beginning of his management).
For its part, the Secretary of Finance, Pablo Quirnoshared the publication of Caputo and added that “the important thing”, in addition, is that the “financial surplus in January that is a month where the interests of the debt in foreign currency is paid.”
Scope He had anticipated that he would reissue a result similar to January 2024, the first full month of management of Javier Milei, which had thrown a $ 2 billion surplus in the primary and $ 518,400 in El Financiero on pure chainsaw and blender.
Luis Caputo’s adjustment
Before the Base Caja fiscal result, the Argentine Association of Budget and Public Finance (ASAP) was known He had calculated a accrued surplus of $ 3.68 billion in the primary and $ 3.57 billion in El Financiero.
As the ASAP pointed out, if you look at the relationship between the financial result and the total income, it represented 33.6%, that is, of every $ 100 that entered the state, about $ 33 went to the adjustment and translated into ” Fiscal savings “.
As this media said, a good part of the “savings” came from having swept the carpet a considerable portion of the interests of the debt in pesos through the placement of capitalizable bonds. That makes the debt interest is not computed as an expense and improves the presentation of the account. Is that the accrued but not paid interests are capitalized and the amount owed by the Treasury becomes inflated, so it will be A greater future payment when you have to cancel the LECAP and BANCAP delivered by the Government.
January numbers: the detail
Minutes after the Publication of Caputo, the Treasury Palace reported the details. “During January, the National Public Sector (SPN) registered a financial result for $ 599,753 million, product of a primary result of $ 2,434,865 million, and a payment of net public debt interest of the Public Intra-Sector for $ 1,835,112 million “. Economy added that the SPN obtained a Financial surplus of approximately 0.1% of GDP (primary surplus of approximately 0.3% of GDP).
Total income reached $ 11.1 billion (+80.6% year -on -year). The tax collection advanced 84.6% year -on -year, explained mainly by the variation of the income corresponding to the contributions and contributions to the Social Security (+152.9% year -on -year), the Profits (+136.8% year -on -year), and to the tax on the debit and credits (+103.9% year -on -year).
In the case of profits, one of the most peso in collection taxes, the strong increase is due to the fact that the current government reinstated the payment of the tax for workerswhich had been practically eliminated a year earlier. That is, the tax burden increased for employees.
In addition, the net VAT of refunds rose 92% and the import rights advanced 57.2%, in the latter case below inflation before commercial opening.
In parallel, during January, The primary expenses of the SPN totaled $ 8,665,627 million (+109.5% year -on -year). With regard to Social Security benefits, they amounted to $ 5,675,504 million (+112.5% AI).
“Current transfers reached $ 2,698,247.2 million (+91.8% AI). Those corresponding to the private sector presented a growth of $ 1,037,709.4 million (+88.3% IA). Among them, the Inherent to social benefits, PAMI benefits, the impact of mobility on family assignments (where the universal assignment for social protection was increased by 100% in January by decree 117/2023), food policy programs (with a Increase in the feed card of 138% between January of last year and the current, and an increase in the number of beneficiaries, according to resolutions 3/2023, 11/2024, 111/2024, 181/2024 and 636/2024), and the 1,000 days (increased 500% by resolution 1,062/2024), “said the Treasury Palace.
On the other hand, transfers current to the public sector made in January reached $ 484,512.5 million (+111.6% AI).
Finally, economic subsidies presented an increase of $ 164,260 million (+64.7% AI, which implies an adjustment in real terms), where energy varied $ 104,956 million (96.8% AI), while those destined for transportation They did it at $ 56,855 million (+40.4% AI).
Source: Ambito
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