After the critical IMF document, which includes more adjustment requirements to the Government and counter reformsthe Minister of Economy, Luis Caputo once again denied a devaluation and confirmed that he will maintain the current exchange rate scheme.
“Between the Economy and the Central we are a small, very homogeneous group, which is essentially dedicated to trying to resolve the challenges inherited from the greatest economic disaster in the history of our country and which speaks very little to the press,” Caputo said to begin his posting through your X account.
“You should know that, as has always been the case since we took office, when there is any change in economic policy we will inform it ourselves, and that if we say something, we will comply,” said the head of the Treasury when questioning those who “fabulate.” The minister added that “we cannot waste our time refuting each of these lies.”
Then Caputo stated “there is no devaluation planned”, “the 80/20 is maintained” and clarified that “the Fund has no problem with this (it is in the statement because it comes from before when we estimated that the law could pass in March)” . The minister once again came out to deny a devaluation and 80/20 refers to the call dólar “blend”, a benefit for the agro-export sector that settles 80% of exports at the official exchange rate and the remaining 20% in the “cash with settlement”, which is more expensive, but these dollars do not go to the Central Bank. The IMF requested that this award to the sector end at the end of June.
The head of the Treasury Palace added that “the 2% crawl is also maintained.” Caputo refers to the mini devaluations that the Government does, which establishes an increase in the official price of the dollar of 2% monthly. This was also questioned by the IMF because it estimates that inflation will remain around 4% monthly towards the end of the year, and then there would be an exchange rate delay.
Finally, the Minister of Economy clarified that “we have not yet started negotiations on the next agreement with the Fund, with which we maintain a very good relationship.” That is to say, the possible arrival of dollars from the IMF is distant.
Caputo insists with his recipe because he knows that without benefit to the agricultural employers, the liquidation of foreign currency will be lower, and a new devaluation or accelerating the mini-devaluations could accelerate inflation, which is the only data that today the Government can show as an achievement, even if it is at the cost of pushing the economy into recession, causing more poverty and unemployment.
The IMF welcomed the ongoing adjustment of the Milei government, but calls for more such as an increase in public service rates, that workers pay Profits again, among other requests. In relation to the monetary scheme, the Fund wants reserves to be accumulated so that the country pays the debt with the organization, but also with private creditors, Wall Street speculators. We must reject the adjustment in progress and mobilize for the sovereign ignorance of the debt.
Source: www.laizquierdadiario.com
