The Minister of Economy stated that the agreement will allow for debt refinancing and reserve accumulation
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The Minister of Economy, Luis Caputo, celebrated the new agreement reached with the staff of the International Monetary Fund (IMF), which he described as "better than the original one we had signed".
According to his explanation, the understanding "will help the country regain access to international markets to refinance the debt" maturing in the coming years, a step the Government considers central to sustaining the economic plan.
In statements during the program "Las Tres Anclas", broadcast by the streaming channel Carajo, Caputo defended the official strategy for currency management: "We bought US$25 billion, but we spent it on debt payments. That's why it's key to regain access to the market".
Caputo afirmó que el nuevo acuerdo con el FMI es 'mejor que el original'.
The minister insisted that refinancing will reduce pressure on reserves and advance the goal of restoring the Central Bank's balance sheet.
In the same space, the president of the Central Bank (BCRA), Santiago Bausili, participated, explaining how the new agreement will impact reserves: "It works because, if you don't have access to the markets, you have to keep spending reserves on debt payments. If you refinance the debt, the accumulation of reserves will become noticeable". Caputo, in response, praised the clarity of the explanation and highlighted the joint work between the Ministry and the BCRA.
When asked about the specific terms of the agreement, the official avoided providing details by stating that "the IMF board's approval is still pending and it's not appropriate" to disclose information in advance.
Nevertheless, he insisted that the agreement will be well received by investors and that "the market will like it", reinforcing the message that the economic strategy aims to restore external confidence.
Santiago Bausili Presidente del Banco Central de la República Argentina.
The conversation also included references to the recent volatility in interest rates, following the unwinding of the Liquidity Treasury Bills (LEFI). On the episode, Caputo stated that "the system showed on Monday that it was not efficient for negotiating liquidity. It's part of a new learning process".
On this point, Bausili added that "prices and rates will be set by the market. We're only going to ensure that liquidity is adequate for the functioning of the economy".
Finally, the head of the BCRA reiterated that, in the view of the monetary authority, the economy is experiencing a situation of "monetary equilibrium".
The Government highlights that this type of progress, together with the negotiation with the IMF, is part of the macroeconomic stabilization process that seeks to attract investment and consolidate the opening toward international markets.
