Sergio Massa announced when he plans to lift the exchange rate clamp

The Minister of Economy and presidential candidate for the Union for the Fatherland, Sergio Massa, gave this Sunday some definitions about the economic plan that he intends to apply as of December 10 if he is elected president. In this context, he ruled out a devaluation after the runoff, as happened after the PASO, and announced that he plans to lift the exchange rate clamp at the end of 2024. We are going to lift the clamps when the 2024 fiscal year ends and we have a sufficient amount of dollar reserves so that the flow of trade is free and we do not have stress in front of our reserves,” said the minister-candidate during an interview with Luis Majul, on LN+. “End of 2024,” stressed the candidate of the ruling party in response to the journalist’s question. And he added: “Especially because next year is a good year in terms of exports being very good and, in addition, because there is a low level of debt maturities.” As detailed, in 2024, the debt maturities with the IMF amount to about 5 billion dollars and the debt with bondholders is lower than in 2025.In another section of the report, the official flatly ruled out a devaluation after the second round, in which he will face Javier Milei. “No, because there is an agreement established with the IMF that foresees that on November 15 the crawling peg will begin,” Massa emphasized, and anticipated that, from then on, the daily adjustment carried out by the Central Bank will begin: “The first day is three pesos: for those who speculate with the future dollar, it is $353.” The IMF will investigate the flight of capital from the loan signed in 2018Sergio Massa revealed last night that at the end of this month, the International Monetary Fund will begin an investigation “on the flight of capital from the 2018 loan” signed under the presidency of former President Mauricio Macri.In this context, he specified that the international organization will send Argentina “a commission that will review the 66% that, according to the AGN (Auditor General of the Nation), it was not used to finance hospitals, schools or to resolve economic stability, but to finance the payment to investment funds.” Regarding the relationship with the Fund, he stressed that after the PASO he applied a devaluation of 20% compared to the 100% demanded by the organization and recalled that in December 2022, the IMF “wanted us to stop the gas pipeline (Néstor Kirchner) and we said no.” The IMF’s 2022 document said to stop spending on public works and we rejected it because that included investment in the gas pipeline,” he said.

Original source in Spanish