Ezequiel Burgo
03/01/2021 2:19 PM
Clarín.com
Economy
Updated 03/01/2021 2:26 PM
President Alberto Fernández energetically supported the Government's position on economic matters regarding four key axes for the current year:
debt, IMF, inflation and rates
.
Basically, according to what the president advanced, it will be necessary to wait for a long negotiation with the Monetary Fund, criticism of opponents for the record debt contracted between 2018 and 2019 (US $ 44,000 million), attacks against businessmen for rebinding and a gradual unfreezing of public services.
The missing word from Fernández's speech was the
dollar
.
With Mauricio Macri it was expected because his government implemented a system in which the exchange rate moved by supply and demand (
free market
).
But here the Government still needs a stocks to control its price and even so in 2020 the gap reached 130%, causing the most important economic crisis that the Frente de Todos has registered so far.
The Central Bank is still unable to add reserves.
Fernández's speech shows that the exchange flash in October was not the product of misintelligence in his economic team.
But of Macri.
"We received a country in debt and in crisis. We had to face the fire knowing that others had finished with the water," he
said as soon as he started his speech in Congress.
Then came one of the most visceral chapters.
He pointed out that the debt with the IMF will not only be renegotiated without haste but will be
prosecuted
and
investigated
.
"The government that preceded me received the largest loan in history. The US $ 44,000 million disappeared before we took office
.
"
And he ordered an investigation.
"I have instructed the pertinent authorities to formally initiate a
criminal complaint
aimed at determining who have been the authors and participants in the greatest fraudulent administration and the greatest embezzlement of funds that our memory registers."
He accused Macri of a lack of transparency in the credit he took with the IMF, saying it was taken
"between roosters and midnight"
and involved the Donald Trump administration.
"We are the ones who want to get rid of the debt that others took on. It would be good for them to recognize their mistakes," he
said.
One more piece of information.
The Ministry of Economy and the Central Bank say they want to reach an understanding as soon as possible with the IMF.
But Fernández pointed out the opposite.
"We don't want to rush."
In the next few weeks Martín Guzmán would meet with Kristalina Georgieva in Washington.
In the chapter on
prices,
the President mentioned that in 2020 inflation fell 18 percentage points.
Guzmán said that "
inflation
is a multi-causal phenomenon."
For the minister, the sustained increase in the rate at which prices rise is not only the fault of monopolies or businessmen but also of fiscal and monetary imbalances.
Fernández did not meddle with these details.
But he did say that "you cannot speculate on prices, eleven companies were charged."
He had previously said that at the beginning of the pandemic he had decided to freeze prices and rates, in addition to granting aid to those most affected by quarantine and confinement.
Poverty increased from 35% to 40.9%.
"But the measures helped us to prevent 2,700,000 people from falling into poverty."
The speech did not lose its monotone thread and the imprint that there are elections in months.
"
We want wages to beat inflation, because no one is saved alone
. Job generation is a priority, like making wages grow and prices stabilize."
Finally, on the
tariff
issue,
the President said that “I ordered the freeze, now it must be
regularized
.
The objective is that there are differential, fair and reasonable rates ”.
He explained that with the Macri scheme the gas and electricity increases in April would be 130% and 168% respectively.
The review would only have an impact in 2022. "Until we can formulate a new Comprehensive Rate Review, I believe it is important to mark a path in the price of electricity, gas and other services rates
for next year
."
