IMF dollars do not arrive, but politics calls for dramatization

Tomorrow, the International Monetary Fund (IMF) will have a deadline of $ 5.4 billion of the loan signed last year. But the money will not come.

In the government and the opposition dramatize the situation. They say that this has already happened and that is true. But the financial market is only wrapping up endless suspicions and creating pressure against the already-beaten badets of the country and its companies.

L & # 39; agreement to be listening $ 56.3 billion stipulates that this money should arrive on September 15th. But the tour could take place in October or only after the general election.

Yesterday, it appeared that the Fund was waiting for a political signal: an agreement between Mauricio Macri and Alberto Fernández on the future of debt and relations with the agency. Asked by the newspaper, IMF spokespersons chose not to make statements.

IMF spokesman Gerry Rice said on Thursday that "complex market conditions and political uncertainties in the future make the situation even more difficult." This has been interpreted on Wall Street as the announcement of no disbursement until the Front of All makes its economic plan clear. And bonds collapsed yesterday up to 10%.

Finance Minister Hernán Lacunza has already asked three times not to dramatize. And yesterday, the deputy chief of staff, Andrés Ibarra, reaffirmed: "The disbursements are not rigid with regard to a specific date".

Lacunza and Interior Minister Rogelio Frigerio will travel to the United States to visit Washington for the IDB's 60th anniversary celebrations, which will take place from September 26 to 28. The finance minister will meet with David Lipton, acting director of the IMF.

Roberto Lavagna, candidate of the Federal Consensus to the presidency, is categorical: "The money from the Fund will come. All this is a useless dramatization in which someone in the world of finance earns money. "This thought is shared by the collaborators of Alberto Fernández.

In opposition, they understand that the confirmation of the turn depends more on the bureaucracy of the IMF's board of directors. Christine Lagarde officially said goodbye Thursday and in October she will be named Bulgarian Kristalina Georgieva. These are movements that are preparing in the heat of the ever tense relationship between the United States and the European Union.

On July 16, $ 5,382 million corresponding to the fifth disbursement was entered, for a total amount of $ 44,100 million. This money should have arrived on June 15th. There was a month late. And since there was no election declaration, no one was impatient.

For the moment, savers and investors in the financial market are still trying to adapt to the new scenario setting the return of exchange controls, which continued to increase this week, while the official value of the dollar remained stable at around 58 pesos.

In recent days, the government, the Central Bank and the National Securities Commission have gone to cover the potholes that they had left in the settlement when deciding the new "stocks" on Sunday, September 1st. This revealed a certain level of trouble and even improvisation to put an end to the race that began on August 12, after the primary elections.

Control of changes continues to generate headaches. The economist Fausto Spotorno said yesterday that there were companies that had to pay debts abroad and who had the means to do so, but could not turn to creditors.

IRSA faced Thursday with a maturity of $ 130 million, but the payment was not paid to holders of the bond tradable abroad while the company had deposited the money. At the time the settlement is written, it is impossible to make payments to legal persons.

In the 14 days following the issuance of the new regulation, some companies are still unclear as to the process for requesting permission from the Central Bank to transfer money.

Dollar stable despite uncertainty

After two weeks of restrictions, the currency was contained.

$ 58.44 The dollar closed almost stable at 58.44 dollars in agencies and banks, while the National Bank barely exceeded 57 pesos.