Saturday, December 10, 2022

Massa promises that inflation will be 3% per month in April

Massa said that from the first moment he took over the management of the portfolio “the objective was to follow a path that would allow inflation to be reduced to one point every 75 days”, and affirmed that “the objective is to reach the month of April”. is” ahead with the number 3″.

Along these lines, he stressed that although work is in progress, “we are not looking at closing numbers for this year, but at a journey that allows us not to make going to the supermarket impossible and that We are allowed to recover the income.” ,

“We hope that improvement in incomes arises not only from better parity or bonus, but also from reduction in inflation,” he argued and expressed that “the biggest debt we have as a government is income and electricity. The recovery of the purchase is around the corner.” of our workers”.

In this sense, he affirmed that he was sure that inflation would continue to decline “because when you order the accounts, when you order the reserves, when you order the interest rates and put them in line with economic policy.” goals, when good use is made of economic means to get a better offer from the productive sectors for the consumer, somehow you achieve the objective”.

He also argued that in the case of the private sector, monotributists, independent workers and workers in the informal economy, the impact of inflation is even greater, adding that “they have sustained loss of income because they are victims of inflation.”

He remarked, “We have two very firm lines of conduct, one regarding the reduction of inflation and the other regarding the recovery of the equity income.”

He also pointed out that “more important than inflicting setbacks is to follow a path that consolidates the objectives that you have set for yourself, having a fiscal mandate cannot be a one-month setback but as an administrator There is a behavior, jerks are useful in power.” But reality requires that programs have people.

Similarly, he questioned opposition leaders who called for a devaluation process, without explaining that such measures meant “lowering the value of our currency and pushing more and more people into poverty, as well as reducing the value of our currency”. Destroying the moment in which the installed capacity of Argentine companies is at a high level with high production volumes, which reduces export competitiveness”.

On the other hand, the minister referred to the expansion of swaps with China, to which he replied that Argentina has swapped US$18 billion with China, and of that amount, “it was agreed That $5 billion will be freely available, serving as the daily operational tools of the Central Bank to operate in a single free exchange market”.

“The swaps represent reinforcement or backup in reserves, and allow us to double the reserve capacity we already have,” he stressed.

Along these lines, he commented that in the month of August, “Argentina had negative reserves in terms of free availability, and today a set of decisions allows us to end the year with more than US$6.5 billion of our own accumulated reserves”. as well as the free availability of US$5 billion from the agreement with China”.

He also confirmed that Argentina is waiting to sign an agreement with the US on the exchange of tax information, and stressed that it would allow the country “to obtain information that so far has not been held by Argentine citizens”. avoid their commitment to the treasury through creation of external assets and accounts abroad that do not declare”-

“The agreement is technically closed and awaits signature,” he said, after which he indicated that the signing would take place within the week between November 28 and December 2.

“This will not only allow us access to nominal accounts, but also to company owners who have information not only from Argentinian citizens who have undeclared accounts, but also from companies formed abroad and their members ,” insisted the minister.

Finally, he referred to the IMF and said that in Washington and within the framework of the Development Committee, Massa said about the cost of the war that “the Southern Hemisphere has already paid for the war because of the increase in the price of fuel, fertilisers, The increase, cereals, is already reflected in the public accounts of the countries of this hemisphere since June of this year”.

He said that the discussion is about who absorbs the economic effects of the war, “which lines each multilateral organization will absorb”, and in this regard, he said that his intention is “that in some way the IMF takes responsibility”. What falls is this as the lender of last example for developing countries regarding the impact of the war in the framework of a program that Argentina is running with the Fund”.


In this sense, he announced that “by the end of the fourth quarter and in the perspective of 2023, it will be necessary to discuss with the Fund what it really means to take on that responsibility.”

With regard to the loan with the IMF, he also stressed that it implies “a set of targets that are meant to guarantee compliance with loan obligations,” but noted that “those targets have to be agreed upon between Argentina and the Fund”. It’s not that The Fund imposes one way or another on you. We do things in Argentina.”

“The pursuit of fiscal balance, a trade surplus, the accumulation of reserves, not the imposition of exchange convertibility funds, are the convictions of the vast majority of the Frente de Todos, understanding that the best results for Argentina were achieved when our economy There was a fiscal balance, there was a trade surplus, there were accumulated reserves, and even the payment of the Fund, which Nestor (Kirchner) did, to achieve sufficient independence through fiscal balance to pay the Fund. have to do with,” he concluded.

no application

The Minister of Economy confirmed his decision to withdraw from the political-partisan discussion before the 2023 elections because, he assured, it does not correspond to his responsibilities in economic management and, moreover, it is not the time to talk about the candidacy There are times when the government has a “debt to society”.

He also dismissed “candidacy now being considered” in reference to the tumult that took place last Thursday at a celebration for Terrorist Day at the Estadio Unico de la Plata for the candidacy of Cristina Fernández de Kirchner for president.

“I think we need to start looking at candidacies when we feel that our results allow us to once again look at society with our heads held high and in the eye. In that sense, as a government, We have a loan and we have to pay it.” them,” Massa said in an interview with Futurerock.

“I decided to run. I sent a message to all the political leaders in my area and to many leaders of the Frente de Todos (when I took office as minister) saying that the responsibility I took on as a minister forced me to run away from the issue of electoral politics,” Massa said.

In this regard, he said it “has to do with being focused”, because “if my aim is to create jobs, lower inflation, generate competitive sectors for exports, and balance Argentina’s economic situation, then the political discussion has to be controlled.” must be transferred.” second party.”

On the other hand, he said it also had to do with a family matter, especially after what happened to his eldest son Tomas, who decided to leave to work for an American company covering the World Cup in Qatar. . Withstand pressure on social networks from opponents of the government.

Massa said, “For a 17-year-old boy who went to work, selected from 40 applicants, it is very difficult to understand that he is going to work on a very inspiring project because he is the son of “

In any case, he assured that “it is not a problem of permission, but a matter of priorities in every moment of life.”

“The stability of my family and my reconciliation with what happens in my home, that they don’t happen to my children, what happened with Tomas is also very important,” he closed.

Guzmán didn’t warn

Massa assured that the former minister of his portfolio, Martín Guzmán, “never raised” up to the time of the announcement what were the terms of the agreement with the IMF, and that “there was no flow of information that I had received from Argentina”. allow analysis or collaboration to reach the best possible agreement for”.

The minister supported the version of the former head of the bench, Máximo Kirchner, and vice-president Cristina Fernández de Kirchner, who said that Guzmán acted at the time without consulting the rest of the members of the space. To stop renegotiating a US$44,000 million loan taken by Mauricio Macri’s management.

“The deeper problem that generated the most discussion was one that the former minister never raised until the time of the announcement, that there was a program that was divided into two: the first part of three years with reimbursements and disbursements, and The second part ten years,” Massa said.

“There was no flow of information that I have received and that would allow me to analyze or collaborate on the best possible agreement for Argentina. There was a prudent management that ended with the minister stating from one day to the next that The agreement was what was happening as it should be. ”, assured the head of the Palacio de Hacienda.

A few days earlier, Guzmán told in a radio interview – that four days before the conclusion of the agreement with the IMF, La Campora’s vice president and deputy leader stopped responding to his messages and that they “fled” the conversation.

However, Massa supported both leaders and said that “without a doubt” events happened as they had proposed, because of “how this agreement reached Congress”, and that Maximo is not “a freak child”. – as Guzmán called him – but a person who “discusses and elaborates things” and “who does not stop at any idea”.

“When the agreement reaches Congress, the former minister says that if we do not approve the text as he said, the agreement will collapse. But I had a meeting with the IMF technical team via Zoom in which I asked them whether And they told me no, that was a lie, that we didn’t need the text as it was sent to Congress. If not, the extent to which the agreement was approved was critical to the agreement,” Where is the wart?

Nevertheless, he said he supported the accord, because “when someone is part of the government and has an institutional responsibility, the government has a responsibility to give it the tools it needs.”

On the other hand, referring to the public reappearance of the ex-minister making the statement, Massa said that “the best thing is to remain silent and cooperate in the best possible way and not enter into political and public controversy.”

He recalled that at the time of leaving office, Guzmán had “negative reserves, a fiscal deficit of 12.4 (percentage points), inflation of 7.5% per month and no cash front for most of the state’s obligations”.

“Somehow, it seems to me that the reason for the minister’s departure was mainly the impossibility of continuing a set of economic decisions and an outcome that was very damaging for Argentina in political and economic terms,” ​​he said.

Massa concluded, “I think it is time for each one of us who make up the Frente de Todos, regardless of whether we have public responsibility or not, to be responsible and fulfill our role in the best possible way. “

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