Nicolás Dujovne meets Christine Lagarde and IMF staff today

For a change of agenda agreed in March, the Minister of Finance Nicolás Dujovne advanced today for his appointment with the Director General of the International Monetary Fund, Christine Lagarde, with whom he will meet in camera in the offices of the IMF and in the greatest secrecy.

In the North American capital no agenda item details that will be put on the table or reasons for the advancement of the meeting, originally planned for tomorrow. However, one piece of information suggests that it may not be a simple protocol meeting, as has been clarified in recent days from the minister's point of view.

As you may have known InfobaeDujovne will also meet with North American representatives at Fund Headquarters David Lipton, number two of the IMF, and with the head of the mission for Argentina, Roberto Cardarelli, and the technicians who make up his team, who have just completed the third review of the program in Buenos Aires to be listening agreed with the Government of Mauricio Macri.

A statement from the Fund or a joint statement would put a pin on the day of the meetings. These statements usually contain an expression of support and ratification of economic policy, a signal that can be highly appreciated in times of turbulence.

The result of the third review will be known by the end of the month, after which it will be submitted to the IMF's Executive Board for consideration. After that, and subject to the approval of board, the IMF will make a new disbursement of about $ 10,700 million, which will inflate the Treasury's resources.

Although it is expected that the new revision of the objectives contained in the agreement will receive approval, The details of this detailed economic plan review could include yellow lights on the evolution of some crucial variables, such as inflation and exchange rate stability.. "There is a time when (Dujovne) can try to mitigate the weight of these alerts, that's the time," he said. Infobae a local badyst in out of the record.

As well The Treasury's ability to use IMF funds to ease the pressures of the currency could be another point on the negotiating table with IMF staff.. On the market, they believe that the pressures that resurfaced last week can only increase as the electoral calendar moves forward and the October definition approaches.

The economy may not play for the ruling party in October, but the government wants to at least not play against it. That's why it's essential to keep the dollar at bay. Any price hike has a direct impact on inflation, a concern that is becoming an obsession for both the economy and for IMF technicians. And rising or falling rates as the only instrument in the hands of the BCRA may prove to be insufficient.

The Head of the Western Hemisphere Department of the Fund, Alejandro WernerHe admitted his concern a few days ago. Inflation in Argentina, he said, "It shows that he is more rooted than we thought.". The quarterly review of the IMF could contain an alarm bell going in that direction. Y Another sensitive point is the "quality" of fiscal convergence, although, in multilateral organizations, they know that there is no margin, in front of an economy that continues to replay, to advance now in an ambitious tax reform.

In addition to his talks with Lagarde and his officials, Mr. Dujovne will also meet today with two other Washington heavyweights, the US Treasury Secretary, Steven Mnuchin, which has repeatedly expressed support for government policies and the head of the Inter-American Development Bank (IDB), the Luis Alberto Moreno. The details do not go beyond what the minister will tell them.

"We remain confident in the future of Argentina"said the minister. As a sign of badent, he also said that the government would seek to advance tax cuts, although he acknowledged that the reform agenda had been modified by the shocks that affected the economy. 39; economy.

He was accompanied by the Secretary of Energy, Gustavo Lopetegui, which has presented entrepreneurs with opportunities for investment in the sector, with an estimated infrastructure and business development requirement of about $ 30,000 million in the coming years.