Latin America

Argentina presents program to strengthen the economy | News

The new Minister of Economy of Argentina, Sergio Massa, after his swearing-in act as head of the portfolio before President Alberto Fernández, announced on Wednesday a program focused on four axes for strengthening the national economy. in sequence:

President of Argentina swears in new Minister of Economy

From the microcinema of the Palacio de Hacienda, Massa announced a new package of actions, which are intended in the short term to strengthen the capture of US dollars in the country and counteract the effects of the increase in prices on income.

The head of Economy recognized the potential of Argentina to “become a great world player” by enhancing the value of its natural, energy, mineral, protein and scientific assets, elements associated with “the wealth of countries.”


the minister @SergioMassa will communicate, from the Palacio de Hacienda, the first actions of the new national economic program.
You can follow the live broadcast from:

– National Ministry of Economy (@Economia_Ar)
August 3, 2022

Massa warned that the world is facing an energy crisis, from which his country cannot escape. Hence, in the fiscal order, Argentina will continue with the policy of cutting electricity and gas subsidies.

“Regarding subsidies, there are 4 million Argentine households that gave up using them. Among the almost 10 million households that did ask, we are going to promote consumption savings. We cannot continue with a scheme in which whoever spends the most receives the most subsidy”, indicated the Minister of Economy.

Massa announced that the new energy consumption limits will be known soon, and indicated that in the remainder of 2022 no Treasury Advances will be made, since having a fiscal deficit of 2.5 percent of the Gross Domestic Product (GDP) will be met. goal established by the budget, and “the state plant for all sectors of the centralized national public administration” will be frozen.

Measures related to the trade surplus and the strengthening of reserves

In relation to the commercial surplus and the capture of dollars to reinforce the reserves of the Central Bank, Massa referred to four measures. In the first place, the promotion of regimes for the agro-industrial, mining and hydrocarbon sectors due to increased production, as well as the knowledge economy, through Decrees of Necessity and Urgency (DNU).

Massa’s management will also promote a credit program at promotional rates and guarantee schemes for leading exporters, with the purpose of “selling more Argentine work to the world.” Likewise, it will establish a system to control and make more transparent the use of foreign currency in imports.

“We are also going to report cases of under-invoicing of exports and over-invoicing of imports to the Argentine justice system and the anti-money laundering unit of the United States,” the government official said.

The strengthening of the reserves is also another of Massa’s objectives, who predicted that the profits from exports in productive areas such as fishing, agriculture, mining and others, will be of an approximate value of 5,000 million dollars in the next 60 days, which will be added to the reserves of the Central Bank.

“We will make a disbursement of 1,200 million dollars with international organizations for current programs. New program with the Development Bank of Latin America (CAF) with a disbursement of an additional 750 million dollars”, said the minister.

The head of Economy also announced that this Wednesday a first working meeting was held with the International Monetary Fund (IMF) to give continuity to the planned disbursements, and stressed that Argentina is evaluating four offers to strengthen reserves and repurchase sovereign debt.

Inclusive development as a premise of its ministerial management

Massa explained that his management intends to promote inclusive development, which from August 10 reinforces aid to retirees to mitigate the effects of inflation; employ reorganization policies that favor the recovery of income in wage earners in the private sector; prosecute social plans for the return of people to their jobs; strengthen cooperatives and protect workers in situations of vulnerability.

Carrying out audits with the support of Argentine universities as of August 15, as well as the unification of credit programs under the name of ‘Crédito Argentino’ to “unify all credit promotion policies for the productive sectors, small and medium-sized enterprises (SMEs) and commerce, in a program for a total of $400 billion”, are measures that aim to help sustain work and economic growth in the country.

Massa affirmed that for the moment there will be no devaluation of the currency, underlining that “the only thing that the devaluation shocks produce is poverty and an enormous transfer of resources.”

Congratulations @SergioMassa in this new responsibility. We all have to work together, more than ever, to face the challenges that the country has ahead and meet the needs of Argentine men and women.

– Wado de Pedro ���� (@wadodecorrido)
August 3, 2022

He assured that the country will focus on the promotion of four engines: investment, production, exports, and the internal market; but these will not be the only measures that the Economy portfolio that he directs will implement.

The Argentine minister thanked the trust placed in him by President Alberto Fernández and the Frente de Todos, and stated that he aspires to “live up to their expectations”.

Massa was sworn in this Wednesday morning, after on July 28 the Argentine head of state announced the unification of the Ministries of Productive Development and Agriculture with that of Economy, under the latter name, and Massa as its head. .

Disclaimer: Via Telesur – Translated by RJ983

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