In a day of strong rumors and with the dollar threatening to reach 500 pesos, the International Monetary Fund assured this Tuesday that the negotiations of the program with Argentina "
advance constructively."
Economy Minister Sergio Massa and IMF Deputy Managing Director Gita Gopinath
met weeks ago
in Washington and
later announced that they would recalibrate
the program given the strong impact of the drought that is plaguing our country.
But above all, they decided to modify it because they considered that it was impossible for
the goals established in the original agreement to be met.
In the fourth approved revision they had already made the reserve objective more flexible
to make it more feasible to pay.
But it was not enough and then they said that "
everything was on the table"
to be renegotiated.
Although the talks continue virtually every day,
this Thursday a technical mission will come to Washington
from Argentina to sharpen details.
What the minister is looking for is for the IMF to now advance the disbursements scheduled for this year
to take the pressure off on these difficult dates, with the dollar climbing and especially in an electoral period.
Maturities could also be postponed, goals loosened or other alternatives.
But times are speeding up in Argentina and reserves are running out.
The IMF sought to calm the waters in response to inquiries from journalists.
“The technical staff continues to work with the Argentine authorities to strengthen the economic program agreed with the country in the context of the very severe drought.
The exchanges between the authorities and the International Monetary Fund team are advancing constructively,"
said an IMF spokesman without giving too many details about the progress.
Shortly before, Massa had launched a thread on Twitter seeking to calm the nervousness of the markets.
“
For several days we have been experiencing an atypical situation of rumours, versions,
false reports and their consequent impact on financial instruments linked to the dollar”, said Massa, while anticipating that “all the tools of the State will be used to order this situation”. .
In addition, the minister said that he had notified the IMF about
"the restrictions that weighed on Argentina"
and anticipated that it will "change in the rediscussion of the Program", without giving more details.
In the market, they interpret that Massa sold dollars from the reserves to try to stop the MEP dollar and counted on liquidity, making dollar bonds rise and selling peso bonds to lower them.
NS
look too
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