2023-08-27 14:38:43
The Minister of Economy and presidential candidate of the Union for the Fatherland (UxP), Sergio Massa will embark on a trip to Brazil tonight with the aim of meeting with President Luiz Inácio Lula da Silva and Fernando Haddad. The purpose of the meeting is to advance an agreement that facilitates the payment of imports through the swap agreed with China.
Massa’s agenda for tomorrow in Brasilia also includes a meeting with the Brazilian Foreign Minister, Mauro Vieira. During these meetings, The details of an agreement that allows the payment of imports from Brazil using available yuan from the swap agreed with the Asian giant will be addressed.
This approach, proposed by the Government of Brazil, has two significant advantages. First of all, ensures the constant flow of essential supplies for the national industry from Brazil. Secondly, it optimizes the dollar resources available at the Central Bank.
Accompanying Massa, among other officials, The Secretary of Industry, José Ignacio de Mendiguren, and the Argentine Ambassador to Brazil, Daniel Scioli will be present.who coordinated the agendas for this visit.
During a press conference in Washington last week, Massa anticipated the possibility of closing an agreement with Brazil in this direction. At that same event, he announced the disbursement of 7.5 billion dollars by the International Monetary Fund (IMF), following the approval of the fifth and sixth review of the agreement with said body.
“We will be traveling to Brazil to further streamline the process of using our reserves, at a time when we must take care of them”Massa said on that occasion.
For his part, Brazilian Minister Haddad revealed that the proposed mechanism implies a direct conversion of the yuan to the real through Banco do Brasil, for a total amount of up to 140 million dollars.
“Brazilian exporters can be confident in selling their products with a 100% guarantee. There are no problems for Brazil, since the exchange rate will be made from yuan to real, also assuring the National Treasury that there is no risk of default,” Haddad said during a conference in Johannesburg, South Africa, at the summit of the BRICS countries.
The formalization of this agreement between both nations It will take place within the framework of the recent inclusion of Argentina in the BRICS group of emerging economies, along with Brazil, Russia, India, China and South Africa.
The role played by Brazil, through President Lula, was fundamental for the admission of Argentina to the BRICS, a group that represents 24% of global GDP, 16% of exports and 15% of world imports of goods and services.
With information from Telam
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