2024-01-23 00:30:00
The foreign trade crisis unleashed by the lack of dollars to pay the commercial debt and guarantee the flow of imports was the background of the meeting held by government officials with representatives of the United States Chamber of Commerce (AmCham). The objective was to clarify doubts that arose around exchange rate policy, payments to input suppliers and exports.
Beyond the warnings from industrial companies due to negative effects on productive activity, specifically, days ago three automotive companies announced the extension of the vacation period at their terminals in Argentina due to lack of supplies. At the meeting were the Secretaries of Commerce, Pablo Lavigneand Industry and Productive Development, Juan Pazo, who responded to the concerns of business owners.
The main axis were the Bonds for the Reconstruction of a Free Argentina (BOPREAL), whose results so far have not been those expected by the Ministry of Economy, led by Luis Caputo. So far, only US$ 1,644 million of the US$ 5,000 million that the Government provided have been able to be placed.
Investor interest in BOPREAL is growing, but there is a problem that blocks access
Officials indicated that there will be a exceptional authorization to access the Single and Free Exchange Market (MULC) for the payment of imports of goods and services specified until December 12, 2023.
In the case of Series 1, if tendered before January 31, 2024, The MULC will be accessible as of February 1, 2024 for the payment of imports of goods and services prior to December 12, 2023 for up to 5% of the total value of BOPREAL Series 1 securities acquired in primary bidding, to the extent that the participation in said securities represents at least 50% of the total debt for imports of goods and services as of December 12, 2023.
The secretaries ruled out the possibility of preferential treatment to strategic sectors to facilitate the regulation of the debt stock, although they clarified that they will have facilities in the flow of access to the MULC. With this, the sectors considered key They will have facilities for daily imports, but not for the previous consolidated debt.
Furthermore, they assured that a simplification in the import approval process for used goods.
Will there be new BOPREALs?
Lavigne and Pazo too They also denied the issuance of a new bond, as well as the change in the conditions or benefits to make them more attractive, clarifying that series 2 and 3 will focus on SMEs.
After the elimination of the Financial Economic Capacity System (CEF) and in the face of a shortage of dollars, the secretaries of Commerce and Industry commented that “although the CEF has been eliminated as a filter for the entry of imports, the tool will continue to operate to inspect that the movements “impo/expo are consistent and reasonable according to the importer’s tax capacity.”
If the so-called “Omnibus Law” that is being discussed in Congress is approved, all exports will pay 15% export duties, except regional economies. The businessmen asked if an extension of these exceptions to sectors such as energy or pharmaceuticals is planned. The officials avoided giving details with a laconic “it is on review”.
LM
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