The debate for the National Fund for the Cancellation of Debt with the IMF with money escaped from abroad in dollars. The savings will be valid until all payments with the international organization are completed. Last month it was approved with half sanction in the Senate and now the same result is sought to be replicated in the Chamber of Deputies.
This information is on the website of the Treasury in the Ministry of Finance, they put a graphic presentation and it will appear that the debt as of the third quarter of 2021 is 82.2% of GDP. You may wonder how is it possible? If we already had a restructuring in 2020 with private bondholders and a renegotiation with the Fund… well because it was decided to pay for it in a more sustainable way with a payment plan so that it would be possible to do so,” explained the Public TV chronicler who knows in detail the topic.
“74% of Argentina’s debt is in foreign currency. There is no way to pay the debt only by making an adjustment in the fiscal deficit, which, by the way, can be a measure that contributes to ordering the macroeconomy and organizing transfers from the Central Bank to the Treasury, but it is not enough. We need the dollars,” the journalist said.
The Fund in question will be administered by the Ministry of Economy and the process of control, inspection and supervision of its management will be carried out by a sector of Congress. On the other hand, those who have undeclared money abroad and do not want to make the payment may be denounced for the crimes established in the Criminal Code or the Criminal Tax Law.
The IMF has already approved the first quarterly revision of the numbers of the Argentine macroeconomy and the Government is waiting for a new disbursement of USD 4,030 million. The international organization gave the go-ahead for the first quarter of 2022 after the reduction of the primary fiscal deficit, accumulation of reserves and limits on monetary assistance from the Central Bank to the Treasury.