Lacunza called for a speedy and voluntary renegotiation of debt

The opposition also criticizes the government for using IMF loan funds to "finance the flight of capital." In this sense, Lacunza was adamant: "Since the debt to the Monetary Fund was contracted, some US $ 45,000 million has already been entered and used to reduce private and public sector debt ", the official explained. To highlight then that "Between May and this day, net debt below US $ 10,000 million". Lacunza therefore indicated that there was no such relationship between the IMF loan and the capital flight.

In another part of his speech, the finance minister urged political leaders not to delay the question of the profile of the external debt. "The strategy of using own resources is over, it can not be eternal that you have to have the ability to volunteer credit " in this context, it is that he urged that this be postponed "A voluntary renegotiation and fast" because he insisted "There is no time to lose."

He felt that a hostile renegotiation would have a high cost and that's why he recommended to have one. "Sincere and voluntary conversation with creditors ". It should be recalled that a bill on the reprofiling of the debt has been deposited and has not yet been treated.

On the latest measures announced in August, Lacunza said "the main result was a September deficit of $ 25,000 million compared to August. In the first nine months of the year, revenues grew by 12% over expenses, "he said.

overconformity

Exceeding the fiscal target agreed with the International Monetary Fund for the third quarter of the year is the argument that the government insists that the US $ 5.4 billion be received. But Lacunza himself avoided answering if the multilateral agency prepared the technical report before obtaining the Council's possible authorization for disbursement. He confirmed that part of the economic team would hold technical meetings this week with the mission.

Returning to the fiscal accounts, the Treasury recorded revenues of $ 331,692 million last September, up 45.7% over the same month last year, which is below inflation ( about 54%). However, resources increased just over three points from primary spending. These expenses totaled $ 357,060 million, up 42.5%. Thus, the main result was negative $ 25,368 million.

Those that rose in line with inflation were government interest, which rose 54% to $ 50,856 million in September. As a result, last month's financial deficit was $ 76,224 million.

With these data, Lacunza announced that the target financial result set at the IMF had been exceeded. In view of the higher spending on social plans (about $ 50,000 million) and the flexibility of capital spending, the government's goal was an imbalance of no more than $ 2,483 million. The balance in the ninth month of the year finally amounts to $ 22,892 million, a surplus of $ 25,375 million or 0.1% of GDP.

The minister pointed out that the Treasury had posted a surplus for the first time since 2011 in the first nine months of the year, reversing the trend of an ever-increasing imbalance between 2012 and 2017 and just beginning to correct itself. . Past Lacunza also pointed out that this favorable tax result was obtained despite the reduction in the tax burden recorded over the past four years.

According to the manager of the Palacio de Hacienda, the consolidated tax collection would have increased from 31.5% to 28.3% of gross domestic product, a decrease of more than three points – 3.1 points – during this period. The most important effort has been in the nation, as revenues from taxes of this origin have decreased by 2.7 points between 2015 and 2019, while provincial taxes have decreased by 0.4 percentage point of GDP.

With regard to public debt, it rose from 321,343 million US dollars in May last year to 310,800 million US dollars today. In this regard, he pointed out that during this period, $ 38,000 million had been disbursed with IMF disbursements. This meant – noted – a net interest saving of US $ 2,200 million and an estimated US $ 10,400 million over the life of the loan.

Resources increased by 45.7% year-on-year, 3 percentage points higher than primary spending, which increased 42.5%. The financial deficit amounted to $ 76,224 million, an increase of 36.5% over September, representing an 11% reduction in the interannual relationship.