The Government says that it is willing to adjust spending to
reduce the fiscal deficit
even in an election year.
But what seems clear is that the
scissors will not pass through public companies
.
This group of companies showed an operating deficit of almost 4.9 billion dollars in 2022 and
in 2023 it could be around 5 billion dollars
, as a floor.
Specifically, companies will receive transfers of
1,136,524 billion pesos, equivalent to 5,051 million dollars
if the pesos are converted at the average official exchange rate ($225) budgeted for 2023.
The figures arise from the budget items assigned for this year by the Ministry of Economy.
These are
direct transfers from the Treasury
that will become effective throughout the year.
The items were calculated taking into account that, also in the Budget, an inflation target of 60% was set.
If reality marks higher inflation, as expected, companies will receive more money.
In addition, it would be unthinkable that the companies did not consume the entirety of the original batch.
In other words, the amount of money destined to cover the operating deficit is a floor.
The final figure will surely end up being higher.
What is notable about these items is that
there are no major cuts compared to 2022.
Cuts that were to be expected if one takes into account that the
increases in
public service rates pursue the objective of precisely reducing spending on subsidies.
Thus, for example,
Enarsa,
in charge of importing energy at market price and selling it to the local market at the price ordered by the Government, will receive $570,000 million in 2023,
equivalent to US$2,533 million
.
This is for current expenses only.
It has an extra game of $190,000 million
(US$844 million
) for capital expenditures.
It is basically the funds assigned to pay for the construction of the Néstor Kirchner
gas pipeline
.
In total, Enarsa will receive US$3,377 million this year.
In 2023 (nine-month data) it had already received US$3,172 million.
It is notorious that despite the savings in energy purchases that the Government announced weeks ago, and the cuts in subsidies, Enarsa will not significantly reduce its operating deficit.
Enarsa explains more than half of the operating deficit of public companies.
And the red is at least "understandable" if one considers that
the Government's tariff policy is by nature deficient
.
In other words, with a tariff adjustment that brings the costs of public services to market values, Enarsa should drastically cut its operating red.
A case similar to that of the
railway conglomerate Trenes Argentinos:
last year its operating deficit exceeded the equivalent of
3 million dollars per day.
In 2023 it will receive items for 260,000 million pesos, or US$ 1,155 million.
This yields a daily operating deficit of $3.16 million
.
The expected rise in ticket prices (which would even adjust to inflation starting in March) is not enough to reduce the operating deficit of the trains.
A deficit that is directly related to the cost of tickets, which must be among the cheapest in the world.
And also because it is the
main employer in the country: more than 24,000 workers.
Control of the railway holding fell
to men appointed by the Renovation Front led by Sergio Massa.
It is no coincidence that the authorities enjoy promoting re-openings of passenger branches in the interior of the country, beyond the economic rationale of such works.
In fact, in addition to the funds to cover the operating deficit, the company
Administración de Infraestructuras Ferroviarias will receive US$150 million
to cover the operating deficit and investments, precisely, in rail service infrastructure.
In addition,
the cargo service will receive another 100 million dollars
.
But there is more:
Railway Human Capital Development will receive 42 million dollars.
The third company that will receive the most money from the Treasury is led by
Malena Galmarini
, wife of the Minister of Economy.
Aguas y Saneamientos Argentinos (AYSA) has assigned items for $70,000 million or US$311 million to finance its operating deficit.
But it will also receive $102,051 million pesos, equivalent to US$453.6 million, to finance infrastructure works to expand its drinking water and sewage services.
Power, trains, and running water and sewage are services where the State deliberately sets rates below what is required to cover operating expenses.
This is not the case of Aerolíneas Argentinas,
which sells its tickets at prices similar to those of the competition.
In 2023, Aerolíneas Argentinas will receive $90 billion, or
US$400 million at the average dollar expected for this year
.
It is a figure a priori lower than what it consumed in 2022, but it adds up to increase the cost for the State of maintaining the flag line: in the last decade it consumed close to
6,000 million dollars.
In the top 10 companies that will receive more funds from the Treasury appear the
Argentine Mail Radio and Argentine Television;
Carboniferous Deposits of Rio Turbio and Road Corridors.
The case of YCRT is notable.
Last year it billed less than $50 million and received items for almost $10,000 just to pay salaries, which is 95% of its operating expenses.
Public companies employ about
92,000 people
.
Despite the fact that almost all of them give losses, last year they added
1,800 more positions.
As can be seen, the deficit of these companies is not explained only by the tariff policy.
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