The IMF meets to approve a disbursement of 10 870 million USD, essential to stabilize the dollar

The board of directors of the International Monetary Fund, which is meeting today in the United States capital, is preparing to finalize the third review of the program. Standby with Argentina. Immediately thereafter, the multilateral body will authorize a new disbursement of $ 10.870 million, which is the key to the official goal of ensuring currency stability for the remaining months until the October presidential election.

The new mandate should be available for the Argentine Treasury as of Monday or Tuesday of next week. But the daily sales of $ 60 million announced by the Minister of Finance, Nicolás Dujovnewill only be effective from the 15th of this month.

The official expectation is that with these interventions, which will add 9,600 million dollars by the end of the year, as Dujovne told him. Infobae and to which will be added the dollars of the rough harvest, the exchange rate will be maintained without major changes and no new inflationary pressure will be generated.

In the US capital, we see that the table chaired by Christine Lagarde, who will also be responsible for today's meeting, will definitely approve the review of the program, which had already been approved by the technical level. . The absence of tax data for the month of March forced the government to request a waiver, or forgiveness, which will also be discussed at today's meeting, but that will in no way affect the board's decision on the next disbursement, according to Infobae. "It's a technical detail," they minimized from the body.

Economic badysts, however, are worried by signs of growing tax collection weakness, as they may complicate the zero deficit target for this year set in the deal the government signed last year with the fund. March data, with growth of 37.3%, confirmed that tax revenues were lagging behind inflation for several months.

At the same time, the declaration welcomed the implementation of the stabilization policies committed in the agreement, as well as the efforts of the government Mauricio Macri "mitigation of the social impact" of adjustment measures in the most disadvantaged sectors.

The board meeting is held at the organization's headquarters on 19th Street in the North American capital. Usually, these meetings start at 9:30. Argentina's case will be the only item on the agenda, according to details provided by the IMF, but Hardly the result will be known before 14.

With the decision of board the staff report developed after the last mission to Buenos Aires by the team that leads Roberto Cardarelli, head of mission for Argentina. This report, it is planned, will throw a little more light on the evolution of the vernacular economy during the election year, always in agreement with the opinion of IMF technicians.

The ultra-restrictive monetary policy of the Central Bank, the decision to sell the dollars of credit to the Treasury's daily auctions, the persistence of inflation, the level of indebtedness and the expectation a change of trend from the month of this month without a doubt, they will take the outgoing paragraphs.