2023-08-23 23:33:00
After the announcement of the disbursement of US$ 7,500 million by the International Monetary Fund (IMF), the minister Sergio Massa held a meeting with journalists at the Argentine Embassy in the United States.
Regarding the businesses that suffered robberies in the last hours, Massa commented that he instructed “the Secretary of Industry so that each one of the merchants in the provinces of Neuquén, Buenos Aires, Córdoba and Mendoza, that they have the complaint made and verification of the losses, a non-refundable contribution is made, economic support of up to 7 million pesos to recover the working capital”.
In another consideration from the political point of view, Massa said that the Government will do a detailed follow-up on the judges, because it has information that there were criminal actions.
“Judges and prosecutors who intervene will be followed by the Government to prevent criminals from entering through one door and leaving through the other, because this crime is crowded and gang robbery,” said the candidate for president of Unión por la Patria.
Massa prepares a plan of two measures per day: fixed quotas and fixed sum for employees
The official pointed out that “work people who were victims of a crime have to see in the State its capacity to respond and protect.” On the other hand, Massa indicated that he asked the Legal and Technical Secretariat of the Ministry of Economy to “put together a follow-up team” because, he said,
“We are going to be controlling those judges and prosecutors so that they apply the Penal Code in its fullness,” he said. And he warned that for those who “do not apply” the law, “We put together a team of lawyers who are going to denounce them and ask for impeachment”.
IMF disbursement and reserves
The Economy Minister said that “It is the second largest disbursement in the history of the IMF guarantees a framework of stability until the end of November, when there will be a new review and disbursement for Argentina of approximately 2,750 million”.
He also said that with the disbursement, in addition to repaying the loans to Qatar, Caf and the Chinese swap “transitory advances from the Treasury to the BCRA are returned”.
“In the last three weeks with our reserve accumulation policy, the BCRA added US$ 1,890 million”.
Intervention authorized by the IMF
“For the first time, the program admits the ability of the Central Bank to intervene in bands that are only known and worked by the staff of the Fund and the Argentine economic team, to guarantee the normal functioning of the stability of financial dollars,” added Massa.
“This allows us to convey a control situation of one of the variables that appears as one of restlessness, which is the operation of financial dollars,” he added.
He stressed that the disbursement of the International Monetary Fund “multiplies by five” the intervention capacity in the exchange market that the Government had been having.
“Grants more strength on a day-to-day basis to eventually, in the face of speculative attacks, the Central Bank will respond firmly,” he stressed.
When asked for details on this aspect, Massa pointed out that “the capacity of intervention in the sufficient for a control of variables, bands or amounts are not mentioned so that there is no speculation about them”.
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