Argentina's Economy Minister Sergio Massa announced on Wednesday afternoon (03.08.2022/XNUMX/XNUMX) a set of new measures aimed at promoting fiscal order, maintaining the trade surplus, strengthening reserves and generating development with social inclusion.
Such actions are as follows:
Fiscal order
- The 2,5% primary deficit target set by the national budget will be met. Treasury advances will not be used for the remainder of the year: a refund of 8 million will be made to the Central Bank on Monday, August 10.00.
- Freezing at the State plant.
- Subsidies: 4 million Argentine households have waived the subsidies. Among the more than 9 million households that did request their continuation, savings based on consumption will be promoted. "In electricity, up to 400 kilowatts will be subsidized; in gas, the reduction will follow the same logic and in water, the application of the reduction by segmentation will begin in September," explained the Minister of Economy.
Trade Surplus
- Regimes for the agro-industry, mining, hydrocarbons and knowledge economy sectors will be promoted by DNU.
- Cases of under-invoicing of exports and over-invoicing of imports will be reported to the Argentine courts and to the US anti-money laundering unit. A record will be opened for 60 days so that they can rectify their position at Customs.
- Export financing: a promotional rate credit programme will be launched, as well as a guarantee scheme for first-time exporters.
- A foreign trade traceability system will be launched: the aim is to achieve greater control and transparency in the use of foreign currency for imports, from the request to the release of foreign currency.
Strengthening reserves
- Advancement of exports: with the value chains of fishing, agriculture, mining and others, which will enter in the next 60 days for a total of five billion dollars, which will go on to swell the reserves of the Central Bank
- Disbursement of 1200 billion dollars from international organizations: these will be for existing programs and those under study. In addition, a new program with the CAF will be completed with an additional disbursement of 750 million dollars.
- Four Repo offers: to strengthen reserves and buy back sovereign debt.
- Agreement with the IMF: This Wednesday there was a first working meeting to continue with the planned disbursements.
Development with inclusion
- Pensions: On August 10, a pension boost will be announced to help retirees overcome the damage caused by inflation.
- Work: Business and worker organizations will be called on Thursday, August 11 to ensure a mechanism that allows private sector workers to recover income, which includes improving family allowances.
- Reorganization of social plans focused on three axes: return to the labor market, strengthening of cooperatives and protection in case of vulnerable situations.
- Credit programs will be unified into a single line for all promotion policies for the productive sectors, SMEs and commerce. By the end of the year, a total of $400 billion will have been applied to support Argentine work and growth.
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