Government sets date and venue for IMF and releases last disbursement

The government will define Wednesday date and place for a new meeting with the authorities of MFIs. This time, it will be technical meetings to unblock the delivery of $ 54 billion this strengthens the reserves of the Central Bank, in a context where the monetary authority seeks to stabilize the exchange rate.

The most likely option is that Finance Minister Hernán Lacunza travels to Washington with his team, according to official sources: TN.com.ar. In this way, the executive power will prevent the the staff The Fund is present in Buenos Aires during the weeks of the campaign. The last visit of the officials of the agency ended with a meeting with Alberto Fernández, who strongly criticized the results of the current program.

The technical examination will be the fifth review done since the beginning of the agreement, last June. The Fund's economists, led by the Italian Roberto Cardarelli, will put the magnifying glbad under the microscope fiscal and monetary results. In this sense, the government badured them in recent days that the country was meeting its objectives, but some badysts believe that this could be discussed in Washington.

As it happens, the latest measures taken by the government to counter the inflationary effect of the post-STEP devaluation will have a fiscal cost, especially changes in income taxes. Gains and the VAT removed for food, which will affect the collection of taxes and complicate the achievement of the zero deficit.

BCRA, moreover, violates the objective of monetary aggregates for the first time in ten months, that is, how many pesos should flow in the economy. The president of the central entity, Guido Sandleris, announced that he would negotiate a new target figure for September, an issue that will also be discussed with the staff of the Fund.

The meeting with the IMF will be further framed by the government's announcement of a re-inflation of the public debt, which will aim at extending the payment terms of bonds in the short, medium and long terms and the renegotiation of credit repayments. IMF. According to private estimates, the signed calendar meant that the country needed to move closer to $ 46,000 million between 2022 and 2023.

If the the staff technician will have to approve the results of the national accounts, this will be a step before the IMF approves the disbursement. The bureau of the agency must meet and, with the economists' report, decide whether to allow $ 54 billion Towards the national treasure.

For economists, the arrival of this turning point will be crucial for the coming months of the Argentine economy. The Central Bank needs sufficient reserve reserves to cope with withdrawals from savings bank deposits, which have intensified in recent weeks, the payment of debt and the use of safe deposit boxes. maintain the tranquility of the exchange, as it was the case in the last week.