Serge Massa he will assume the post of economy minister tomorrow afternoon and then, in the micro-cinema of the Palacio de Hacienda, he will announce his plan at a press conference. It is a series of measures with which the replacement of Silvina Batakis will try to find some balance for the battered Argentine economy and extend a certain exchange calm that occurred, in the midst of a more favorable external context, since the news of its agreement with Alberto Fernandez Y Cristina Fernandez de Kirchner to get to the ministry
The first Tigrense measures in Economy will focus on fiscal order, the strengthening of reserves and incentives for what the minister considers “dollar factories”, Infobae learned. These are the sectors of the economy that generate foreign exchange, such as the knowledge economy, energy, agribusiness and mining.
“There will be measures to improve the income of workers”Sources close to the meeting explained to this medium, but they did not detail whether it will be by means of a fixed sum or what scope it would have.
Massa is discussing the same thing tonight in a long meeting in the Buenos Aires offices of the Renovating Front on Avenida del Libertador. There he is putting together his plan with his brand new team of collaborators, the same one that was confirmed between yesterday and today and of which it remains to be known, at least publicly, who will be his second, the vice minister in charge of the Secretariat of Economic Programming and what will happen to the Kirchner officials who occupy the Energy area, an extremely sensitive sector.
As was said, the first measures of the new minister will focus on fiscal order, the improvement of the international reserves of the Central Bank and the incentive to the sectors that generate dollars.
To meet the demand for dollars, in July the Central Bank had to sell USD 1,275 million in the foreign exchange market. And in the first two days of August the trend did not change and it had to contribute another USD 280 million. The net liquid reserves are negative by about USD 4,000 million and that will be one of the focuses of Massa.
Part of the tour of the US, Europe and Asia, which the official will carry out from the third week of this month, will focus on the recomposition of reserves. Massa will speak with Wall Street funds and international banks, he will begin his round of negotiations with the IMF, where he will surely meet with Kristalina Georgievand also with the Treasury Department that commands Janet Yelen. Then he will seek to renegotiate the debt with the Paris Club, in France, and will travel to Qatar, “a country that wants to help Argentina,” say close to Massa through its sovereign fund and other instruments.
In this context, a scheme of collateralized loans, also known as repos, will be sought. Is about financing lines in which one party buys the other titles in cash and, simultaneously, arranges the reverse operation with a determined term and interest. The spread between the cash purchase price of the security and the forward (future) sale price results in the interest rate of the operation. Massism is excited about credits at 6.5% in dollars, as this media explained days ago.
News in development