Many congratulations but no permission | The torn …

All the roads of the Minister of Finance, Nicolas Dujovne, lead to the International Monetary Fund. The manager appeared yesterday at the agency's headquarters to meet his owner, Christine Lagarde, who badured him that "the recession reached its bottom in December". IMF spokespersons stressed the relevance of ongoing structural reforms: "The strong and continuous implementation of the authorities' reform agenda will be essential in laying the foundations for a stable economy and for Sustainable growth ". Treasury Palace told the newspaper that the Fund's authorities must meet in the last week of March to allow the fourth tranche of credit conditioned by $ 10.8 million. At the end of the meeting with Lagarde, the official visited US Secretary of the Treasury, Steven Mnuchin.

"The Fund has once again demonstrated that it is in line with the fiscal targets, we have talked about the macroeconomic situation and the implementation of the program, and we have talked about Venezuela," said a spokesman for the country yesterday. Dujovne. At the meeting, the official said that "the recession had its floor in December and better figures will come". Despite the resurgence of official optimism posted in front of Lagarde, the figures of employment, business, industry, construction and inflation developed by the Indec not only show no sign of recovery, but continue in free fall. The enthusiasm, however, is shared. The leaders of the latest mission to oversee the Argentine economy have planned to improve their prospects for the country's economic progress.

"It was a protocol meeting, there was no discussion on the dollar, it was not going to negotiate anything … it was a 45 minute closed meeting," they told the Palacio de Hacienda during their dismissal. The deepening of the recession scenario, badociated with the persistent volatility of the currencies, shows the restrictions and consequences of the austerity program initiated by the Argentine government. Treasury, they say they have not asked permission from the IMF to change the management strategy of the foreign exchange market. The freely floating exchange scheme between the bands supposedly restricts the instruments available to contain the new rise of the dollar. This system is in addition to the profound deregulation of controls over capital movements implemented over the past three years.

"They talked about recent economic developments and prospects for Argentina." Lagarde commended the authorities for their efforts to promote their economic stabilization plan and provide social protection to the poor and vulnerable people, "he said. a spokesman for Lagarde to discuss the increase in spending announced by President Mauricio Macri after the approval of the IMF Any change resulting in a waiver under the terms of the agreement requires authorization from the Ministry of Finance. multilateral organization. The planned increase in the universal allocation for children announced by President Macri is part of this logic. The human face of austerity agreed with the Fund is the opportunity to increase social spending in times of crisis.

The IMF's next disbursements are not only conditional on compliance with the fiscal adjustment and monetary contraction plan, but also on the implementation of a package of pension and labor reforms demanded by the agency. . The agreement also envisages a transformation of the Organic Charter of the Central Bank.

Prior to the transition with the IMF, the grievor was received at the Center for Strategic and International Studies (CSIS). Dujovne participated in a breakfast organized as part of the SCRS Strategic Forum between Argentina and the United States, funded and promoted by the Bulgheroni family. Argentine oil billionaires are badociated with the think tank set up in 1962. The conservative institution has become one of Washington's supporters of the structural reforms promoted by Cambiemos of Casa Rosada.

@ tomaslukin