According to the Center for Argentine Political Economy (CEPA), the goals for the third review of the International Monetary Fund (IMF) were achieved, in large part, thanks to the incentive received by soybean speculators from the Minister of Economy, Serge Massa.
The IMF’s second review of the goals agreed upon in the agreement with Argentina was met with what was fair and through some concessions, so the third was already on the wrong track for the Minister. However, the team Serge Massa it was able to pass the third examination of the IMF with the secondary effects of the soybean dollar.
In this way, Serge Massa it assured future disbursements by the IMF, which depend on certain criteria and goals established in the agreement. One of them was to collect reserves for the Central Bank of the Argentine Republic (BCRA). The Minister managed to align with the fund’s expectations in less than a month.
The largest loan (and therefore debt) that the IMF has provided was contracted by the government of Mauricio Macri, and from various political sectors it is criticized that it was not used to capitalize the country.
In the month of September, foreign exchange and dollar income from soybean withholdings (with a dollar at 200 pesos) will be computed. According to Hernán Letcher, host of CEPA, the contribution for the purchase of foreign currency from the extraordinary export of soybeans, between 200 and the official exchange rate (134 pesos), generates a collection differential of 328,000 million pesos.
The goal of the central’s reserves
The IMF imposes on our country an accumulation of 5,800 million dollars of reserves in the BCRA by the end of 2022.
According to the figures reported by the chamber of oil and grain producers (CIARA and CEC respectively), during the month of September the companies settled 8.12 billion dollars, 140% more than in August and 198% above September 2021 . The amount exceeded the figure expected by soy growers, of 5,000 million dollars, by 62.5%. The CEPA report indicates that the soybean dollar was a success.
