There is an agreement with the IMF and the first disbursement will arrive after PASO

2023-07-28 15:10:00

After going back and forth, with negotiations that lasted longer than expectedthe International Monetary Fund confirmed that it reached an agreement with the authorities of the Argentine Government that implies two disbursements for almost 10 billion dollars, that will appear in the national accounts only after the STEP. In fact, the agency confirmed that the first will take place on August 21 and It will be 7.5 billion dollars.

From Economy they let it be known that the first will be on August 21 y another in novemberwithout exact date yet and also, They did not confirm what will happen with the due payments that correspond to July 31 and August 1.

Massa passed through Ituzaingó, today he is going to San Juan and La Rioja, and on Saturday he will be in Tucumán

Anyway, there is confidence in the Ministry of Finance regarding the payment of commitments. The Bloomberg News agency contributed that “the managing director of the IMF, Kristalina Georgieva, participated in last-minute discussions with the Argentine government.”

The news comes in the middle of the federal tour, with campaign tonewhich Minister Sergio Massa faces for San Juan, La Rioja and Tucumán, in which he seeks to strengthen his image and above all have explicit support from the northern governors.

The details of the signed agreement

As you could know exclusively PROFILE, the Ministry of Economy reached an understanding with the International Monetary Fund (IMF) to advance in the review of the Argentine program and obtain the disbursements foreseen for the second half of the year.

Among the salient points of the agreement reached, from the portfolio coordinated by Sergio Massa they announced some outstanding data, including:

The understanding preve a disbursement of U$S 7,500 million in August and another in November.
Approves the powers to intervene in the markets to ensure its normal operation.
There will be bridging operations for the next payments to the agency with other multilaterals for Argentina to continue with the program against IMF disbursements.
The reserve goals will be recalibrated to adapt them to the impact of the drought y
measures are supported announced this week linked to the external and fiscal sector.

The measures implemented

Exchange simplification: equate the solidarity dollar and card dollar exchange rates, keeping the Qatar dollar for consumptions over USD 300 per month. Solidarity Dollar and Card Dollar (card up to USD 300 per month): will be unified at 30% COUNTRY Tax + 45% Earnings Perception. There are an average of 900,000 people who buy USD 150 per month.
COUNTRY Tax Services: the Country tax is generalized to 25% for all services, except: (i) Freight, which will be applied at a rate of 7.5%; (ii) Health and Education, exempt by article 36 of Law 27,541, and; (iii) Recitals, which already pays 30%. The tax is collected by banks at the time importers accede to the MLC. Does not apply if paid with own dollars.
Tax COUNTRY Goods: the Country tax is generalized to 7.5% for all goods, except: (i) Medicines and material to fight fire, exempt by article 36 of Law 27,541, (ii) Sumptuaries, which already pay 30%, (iii) Fuels, lubricants, goods linked to power generation, as well as inputs and intermediate goods linked to the basic food basket, will continue without paying the Country Tax. The tax is collected by banks at the time importers accede to the MLC. Does not apply if paid with own dollars. The perception is applied to all imports, including income to the Free Zone and Special Customs Area of Tierra del Fuego.
Dollar Economy Regional: the scheme of regional economies is expanded. Exports that are settled until August 31, 2023 will have a $340 dollar. Projected settlement currencies: USD 2,000 M, including corn.