In the midst of the debate on the agreement with the IMF that is under way in Congress, Miguel Pesce, president of the central bank (BCRA) defended the program and asked for the support of parliamentarians.
The leader of financial bodyexpressed that the negotiation will create a framework of stability for the country and that it will go towards achieving sustainable growth, which “will help companies change their attitude” as expressed by the head of the BCRA.
“What has been achieved with the IMF is an agreement that allows growth and does not require structural reforms”said the president of BCRAwho also assured that this will help “solve the problem of inflation and poverty.”
Along these lines, the official stressed that the country has no other option than refinancing, and suggested that those who disagree raise alternatives: “If anyone believes that other components are necessary in Argentina, raise them.”
And he added: “The important thing is that it is recognized that the country can grow, reduce its inflation, accumulate reserves, which are the fundamental elements that are in the agreement. That is why I believe that this program should not be voted negatively.”
In addition, Pesce said: “You have to work with effort and intelligence” to deal with the rise in prices, especially commodities that have a negative impact on the domestic market.
The agreement with the IMF will reinforce the reserves of the BCRA
One of the main purposes of the agreement is that the bank can recover its reserves, which will go hand in hand with the reduction of the fiscal deficit in order to stabilize the economy.
In this way, If the agreement is signed, there will be an increase of USD 6,200 million in the reserves of the BCRAwhich in turn will translate into 17% more gross bookings.
This will also allow the country to meet the goals proposed in the agreement, and will make the Argentine economy more competitive.
