The Government relativized the lack of accumulation of reserves and confirmed that they seek to fulfill the goal with debt

The Secretary of Finance, Pablo Quirnorelativized the importance of accumulation of reservations committed to the agreement with the International Monetary Fund (IMF), although he ratified that They will try to add dollars through debt placements. Quirno expressed these concepts in a talk with journalists within the framework of a seminar organized by the Securities Bank (Valo).

“We are very aware that The program with the background is walking very well. Much better than economic agents expected, “said the official, one of the minister’s most confidence men Luis Caputo.

Accessed by the distance that the Government still maintains with respect to the goal of accumulation of mid -year reserves and Javier Milei’s decision that the BCRA does not buy currencies within the dollar’s flotation band, Quirno said: “The program will naturally accumulate reserves” and added that “S sVery aware of the goal we have to fulfill. “

“The reservation goal in a time number. The only source is not just the purchase (of currencies in the official market). We have other sources of financing, “said the secretary and He confirmed that the government’s commitment to approach the objective of accumulation goes through the debt route. “We are ok with the process,” he added.

For example, he explained that the Central Bank did not enter the market to buy reservations within the band because there is a policy decision. “Us We are out of the market so as not to influence it to the extent that this ends up being discovery to the market where the balance is eh, “he explained ..

“Then, taking the actor state of the equation, we see where the balance is really. Today the dollar is floating, if anyone seems cheap, it can go and buy and there is no restriction,” he added.

Reservations, goal with the IMF, debt and the new bonus

Quirno referred to the placement of the New exclusive bono for foreign investors which will place this Wednesday. This is a title in pesos that will be signed with dollars, expiring in 2030 and a preciplalation clause in 2027. “This bonus makes dollars enter “highlighted the official.

The Government included the issuance of this bonus in a broader operation in which it will tender another seven debt instruments in local currency. In that particular title will go looking for US $1,000 million, which can be counted for the reserves goal.

Anyway, the secretary stressed that the program with the IMF “It has a greater integrality than the accumulation of reservations”. “It is not all black or white, that the program falls. No one believes that a program that has 6% growth falls, with inflation down, without the central bank emitting,” he emphasized about the currencies that he still needs to achieve to achieve the quarterly commitment.

Quirno insisted that the agreement with the IMF contemplates two ways to get dollars for the reservation. One by cOMPRA IN THE SINGLE MARKET AND CHANGE FREE And the other is tOmando new loans. In that sense, he considered that with the “Linked” Bonus that is going to be tender this Wednesday, “Argentina is beginning to return to international markets.”

In a sense, the official considered that the inclusion of the financial instrument in the menu of the next call is for “Test the market appetite.” It could be like an advance of what should be a global placement, in foreign jurisdiction.

Quirno and the “dollar mattress”

Meanwhile, during his presentation, the Secretary of Finance referred to the Government project so that people use their unstalled savings without being achieved by the Customs Collection and Control Agency (ARCA) confirming that there will be a bill so that there is legal certainty.

“For that we will present laws and Congress will have to accept it pOrque wants people, “he said. When talking about the decision to eliminate the different information regimes that contributed data from taxpayers to the treasury, he said it was the decision of the team of Luis Caputo “Take out these Byzantine regulations that show that all are thieves.