93% of Argentine savings is dollarized

The head of the Western Hemisphere Department, Alejandro Werner, has referred to Argentina during a press conference as part of the IMF Spring Assembly in Washington. if Argentina continues to apply the guidelines, which are the basis of the design of the program, the country will be able to correct the macroeconomic imbalances ". Because? Because if these guidelines are maintained, it will generate "certainty for a more dynamic investment and growth process".

Given this, the government has proposed a figure to try to calm the future of the dollar: 93% of Argentine savings is already in dollars, according to Treasury calculations. This information was disseminated at meetings held in New York and Washington with funds and investment banks, institutional investors and Wall Street badysts.

The government hopes to have enough back with the Treasury's announced bids for an amount of about $ 9.6 billion, which will begin the day after tomorrow, the largest dollar supply of foreign trade compared to the previous year. last year and the room for maneuver of the Central Bank. the futures market.

The Fund pointed out in its reports that electoral uncertainty was a factor likely to have an impact this year on the economy.

On the other hand, they consider that the macroeconomic situation is better than a year ago, which is why they believe that electoral uncertainty is a cause for which country risk now exceeds 800 points.

IMF support for "economic stabilization" plan

Finance Minister Nicolas Dujovne met on Saturday in Washington with the number two of the International Monetary Fund, David Lipton, who reiterated the agency's support for the government's economic stabilization plan.

In a brief statement issued by the first deputy director of the IMF, it was noted that the two officials had "discussed recent economic developments in Argentina and exchanged views on the significant progress made in reducing macroeconomic vulnerabilities".

Lipton also highlighted "the ongoing efforts to achieve the zero deficit by 2019 and the strong commitment of the authorities to protect the most vulnerable by expanding and improving the social safety net of Argentina".

Previously, as part of the annual meeting of the Fund in Washington, Lipton, a supporter of the free movement of the dollar, had congratulated the Argentine authorities for "the reduction of budgetary imbalances, the reduction of vulnerabilities and the extension of the network of social security, to protect the poorest sectors of society ".

Sources consulted: Ámbito, La Nación, Infobae and Clarín.