Massa gave details on the steps to follow / web
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The new Minister of Economy, Sergio Massa, gave details yesterday afternoon about his roadmap for fiscal regulation and international financing. As he detailed through a series of tweets, among the measures it was decided that there will be no more issuance for financing until the end of the year, as had already been anticipated, and that tomorrow the refunds to the Central Bank of the Argentine Republic will begin. In addition, he referred to the segmentation of subsidies for electricity and gas rates and announced that he had summoned those responsible for the administration of the ministries for a meeting scheduled for next Tuesday to give them the schedule until the end of the year.
“Just 48 hours ago we started our task with responsibility and commitment. I want to make a report of these first hours with the idea that beyond any third-party speculation, they know what we are doing, “said Sergio Massa in the first of his posts through the social network.
Then, Massa pointed out that he summoned all those responsible for the administration of ministries next Tuesday to “give them the programming until the end of the year, so that they know the investment priorities and the spending ceilings.”
“We have already communicated both decisions. There will be no more issuance for financing until the end of the year and on Monday we will start refunds to the BCRA”, he commented. Next, he shared a notification on transitory advances for financing from the National Treasury in which it is indicated that it is detailed that “it must refrain from this and until further notice, from requesting advances without prejudice to previously operated maturities.
“In coordination with all sectors of the public administration, we began setting limits on the entry of personnel, and as of September 1, each affidavit must be published with public access on the INDEC page,” added the official on the freezing of the State staff in all sectors of public administration.
“If we save water and energy and order the subsidy distribution system, protecting the social rate, the State will save 500 billion pesos a year,” he also indicated when giving details on the segmentation and removal of subsidies. On this point, he pointed out: “Each area was notified of the operation of the regime. Consumption caps are added to segmentation to promote resource savings and a more progressive system of subsidies. Whoever consumes less or has less income has less pay, whoever consumes more or has more income, pays more”. He also commented that the entry into force will be by sector and area, and will be reported on Thursday by the Secretary of Energy, according to Infobae.
Regarding the regimes for the agribusiness, mining, hydrocarbons and knowledge economy sectors that he advanced in his first press conference in office, he detailed: “We finished the decree and elevated it to the Presidency, of the first of the regimes, linked to the sector hydrocarbons. The increase in our exports in this sector is key in a world that is experiencing a fierce energy crisis”.
“As we have detected mechanisms of abuse with under-invoicing of imports and over-invoicing of exports, on Friday AFIP and Customs began the notifications”, completed the Minister of Economy.
DIAGNOSIS
For the coming months, the diagnosis that flies over the Palacio de Hacienda foresees, on the one hand, a slowdown in economic activity and, hand in hand with this trend, a desired drop in the level of monthly imports and, on the other hand, the need to apply a fiscal adjustment so that the goal with the IMF is not too far away.
In addition, this week it will receive from Indec one of the most feared numbers: that of inflation, which according to specialists, will be recorded between 7 and 8% rise in July.
An estimate circulating in official dispatches is that the level of imports is still considered very high: it could be between US$8.5 billion -which was already recorded in June- and the US$9.000 million calculated in other countries. offices outside the Palacio de Hacienda.
It is a number that is considered “bad”, due to the shortage of foreign exchange suffered by the Central Bank.
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