Sergio Massa travels to the US next week: more money and goals for the dollar

Minister of Economy Serge Massatraveling next week to Washington, United StatesTo participate in The annual meeting of the International Monetary Fund and the World Bank And the Economy Ministers SummitFinance and central bank heads from G20.

Sources from Palacio de Hacienda told the news agency blame that although the agenda continues to be set, Massa arrives in the US capital next Wednesday, the day the G20 ministers meeting will be heldin the last year before Presidents Summit to be held in Bali, Indonesiamid-November.

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Then, on Thursday the 13th and the following Friday, the Board of Governors of the International Monetary Fund and the World Bank will meet, as well as the meeting of the International Monetary and Financial Committee, where Massa will be a representative of the Argentine government. This is the reason for his participation in idea seminarwhich will take place on the same date in Mar del Plata.

The focus of the discussion that the Minister will present to these meetings will be: food and energy security as priority issues.

Massa hopes to arrive in Washington with The second review of the program with the International Monetary Fund Approved by the board of directorsboard) of the organism, because this Friday 7 October The Argentina issue will be dealt with in this context.

After approval by the board of directors, the funds will be released immediately for some $3.9 billionwhich will momentarily swell Central Bank Reserves (BCRA)because these currencies counteract the tight maturity schedule with the same organization.

One of the objectives where the fund already has the data and can be anticipated by evaluating the objectives is the objective of reserves, as given. the historian weeks ago

The IMF will assess two of its three third-quarter targets on Friday, rather than December. Enter dollars and subtract financial performance analysis

This point and cost rationalization They occupied most of the second review meetings that took place in Washington last September with the senior staff of the economic team, which coincided with Sergio Massa’s first tour of the United States.

at that opportunity, The point to be made was that the second revision threw in the red at the $296 million in reserves, in relation to the agreed target of $3,450 million in foreign exchange accumulation as of June 30..

However, IMF technicians took into account that there Delays in Funds Promised by the Inter-American Development Bank (IDB)that the program was contemplated and that if it had been disbursed, the objective would have been achieved.

Specifically, during his tour, Massa received renewed support from the Islamic Development Bank, the entity that issued a statement declaring that it would unlock the promised funds and increase expenditures, totaling a package of $3,000 million in credits, including 1.2 billion They will be released soon and will be released Free Availability.

Much of that money had an approval date of the end of September, according to the agency’s same statement, but the subsequent dismissal of Mauricio Claver Carone As head of the Islamic Development Bank, he has postponed the said agenda, so the agency’s board of directors is expected to meet soon – it could be Friday – with the Argentina case and give the green light.

With the new IDB and foreign currency package that entered in September with the temporary implementation of soybean dollarthrough which more than 8 billion dollars In terms of grain exports, reserves grew by about $5,000 million, which allowed the government to exceed the target set for the third quarter. In this way, approval of the third revision, which has not yet begun, is also expected.