Government visits Washington to meet IMF but disbursement will not progress

The economic team will be traveling this week to Washington participate in the annual meetings of the MFIs and the world Bank. The Minister of Finance, Hernán Lacunza, and the president of the central bank, Guido Sandleris, will meet Friday the director general of the agency, Kristalina Georgieva but they believe that there will be no progress on the current disbursement of $ 54 billion.

It turns out that, although the Treasury sent a mission of officials to the US capital to hold previous negotiations, they assured the economic portfolio that this week technical examination meetings, a mandatory step for the Fund to allow the transfer of the National Treasury.

Deputy Minister of Finance Sebastián Katz and Finance Secretaries Santiago Bausili and the Treasury Rodrigo Pena and representatives of BCRA will arrive a few days earlier for the first meeting points. Sandleris, for example, will attend an event on Tuesday Council of the Americas, in New York, before leaders of banks and investment funds.

Wednesday, however, the so-called will begin "work meetings" with the IMF technical team, led by the Italian economist Roberto Cardarelli. As clarified by the Treasury and the Central Bank, TN.com.arthese meetings will not be part of the fifth revision of the agreement signed between the national government and the Fund.

In this way, this week's conversations will not result in unlocking the $ 54 billion which, according to the initial schedule, were planned for mid-September. Once only the staff of the IMF supplements that review – in which an assessment of Argentina's compliance with the objectives set out in the financial assistance program is carried out – and analyzed by the Board, could be approved The money flows.

In the government, they recognize that "electoral uncertainty" has delayed the shipment but that, in the current financial state, the Treasury is able to meet its dollar commitments. "We have $ 7.2 billion in free availability for pay the debt maturitiesthey stressed.

The $ 54 billion delays would be a relief for the central bank's international reserves which, since the arrival of the IMF's last disbursement in July, have declined $ 21 billion, of which 18,000 million USD they were lost after the official defeat at the primaries.

Overall, they consider that the delay in the arrival of the disbursement is, in "support signal" from the financial agency to Alberto Fernández, since these funds will remain either for a possible start of mandate on December 10, or for the transition between general elections and transfer of command.

The full program of the economic team in the United States

Sandleris will kick off the Council of the Americas. On the other hand, the Treasury envoys will also have meetings with investors before starting the agenda with the IMF and the World Bank. Wednesday will be held meetings with officials of the Fund.

On Thursday, Minister Lacunza's activities will begin. First, with the President of the BCRA, he will attend the first session of the G20 Finance Ministers 'and Central Bank Chairs' meeting.

He will later participate in the World Bank's Development Committee and will close his business with meetings with leaders. Sandleris, meanwhile, will be part of the meeting of Central Bank Governors of the Latin American Monetary Studies Center.

On Friday, the two officials will attend the second session of the G20 Finance Ministers 'and Central Bank Chairs' meeting. They will end the day with a hand in hand with Kristalina Georgieva and the deputy director of the IMF, David Lipton. Finally, bilateral meetings with IMF member countries will take place on Saturday.