José Luis Daza, Secretary of Economic Policy of the Nation, assured that the Argentina is one of the economies that has had the greatest volatility in the world along with Venezuela, and stated that, “at this moment, “there is a unique opportunity to make a break with the past, a regime change.
“Without growth you cannot advance. We believe that you have to kill volatility while ensures fiscal solvency. We must move towards a more stable, sustainable and solvent system,” said Daza, while highlighted the commitment of President Javier Milei and Luis Caputohis Minister of Economy, with this objective.
“We want to move towards a sustainable system without the need for debt and I have never seen two officials so committed to a path of fiscal solvency and zero deficit“, he emphasized within the framework of the Argentine Insurance Summit, an event that took place this Tuesday, October 8 at the Puerto Madero headquarters of the Universidad de Católica Argentina (UCA).
Daza celebrated the fiscal commitment and the lowering of rates
In that sense, Daza highlighted the path that the Government took to maintain the objective of an immutable zero fiscal deficit and also the decision to lower the interest rate at a time when many economic books would have said that it had to be raised to absorb pesos. “However, cutting it back was very smart and made it possible to resolve the quasi-fiscal deficitwhich helped a lot to combat inflation,” he highlighted.
The official commented that, throughout his career, he had to lead the research group of JP Morgan and was able to observe that, in the context of the crises of different countries, The exit processes were closely linked to the discipline of the governments. “I believe that the center of Argentina’s problems has been the tax situation. My vision is that, as long as the deficit was not reduced to zero, it was impossible to achieve stabilization and economic progress,” he emphasized.
A path that the center-right did not dare to travel
He thus celebrated that Argentina goes against the world, where the trend is towards an increase in spending and an expansion of the Statebut for him “that is a big mistake.” And, in that sense, he said that “The problem is not the left, but the center right, that he was always against making a fiscal adjustment.” He said that the speech of “in this country we will not be able to” was traditional.
However, he assured that the current government made the determination to do so and highlighted that it was a great challenge, “a great engineering job.” Daza said that “You had to understand about finances, about how banks work, how they manage their coffers.that is, that great knowledge of macro and finance was required.” He said that Caputo knew about this and that, together with Milei, they embarked on that path.
and said that What happens in Argentina is that people insure themselves in dollars, with what they have in their mattress, in the safe or wherever. “When you are afraid of a crisis or a devaluation, you start buying dollars, but that is not positive for the economy. In that, Argentina is a unique case and this Government wants to reverse it. He wants people to trust the country and pour their dollars into the system,” he emphasized.
Thus, he said that he decided to join this government inspired by that will and that his expectation is that it will follow that path and that Argentina will begin to grow.
Source: Ambito
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