Mission for The International Monetary Fund (IMF) yesterday started the third review of the goals that were reached argentina within the framework of the Stand By Agreement, signed last year, with meetings with central bank officials and the Ministry of Finance.
One of the axes to be agreed with the IMF is new update of the central bank's "non-intervention zone" and if it will be extended – in connection with the capital inflow – the margin of The company can buy more reserves to protect itself against a possible race.
As published Feature Erenwhat Casa Rosada is looking for is reduce the ceiling for the non-intervention area to give the message to the market that the dollar will not shoot in mid-year, as the election in August and October.
The other sensitive issue is inflation. From the government, they will work to define with the IMF "monetization of dollar purchases" made by the central bank. They must see if it is possible to sterilize the weights that arise from these interventions in the foreign exchange market, according to the same media.
A central mission from the IMF arrives, restless for the advance on the zero deficit and the election course
The information from the delegation led by Roberto Cardarelli will be presented in Washington before the Agency's Board, which will have the final word on whether or not the release of the funds is authorized. decision that would be taken on 19 March.
All estimates indicate that Argentina will approve the IMF In order to allow for the money earmarked for the first payout this year, nor did it anticipate problems with the next review of the agency in May, which would complete the global loan of $ 57,100 million.
In the event of compliance with the agreed timetable, President Mauricio Macri would come to the election where he will fight for re-election without the risk of default in 2019 and part of 2020. Financial area. Washington could release funds without guaranteeing that this year the "zero deficit" will be achieved.
In light of this scenario, the government should renegotiate any exemption in the last quarter of the year, with the payout plan already finished.