Argentina will implement economic measures to raise 2 billion dollars and avoid defaulting on its million-dollar debt refinancing agreement signed with the International Monetary Fund (IMF) in 2022.

These measures include the creation of a new “agro dollar” valued at 340 pesos for regional exports, such as sorghum, barley, sunflower and corn until August 31, as announced by the Ministry of Economy last Sunday.

The package of measures also contemplates the increase in the cost of the “solidarity dollar”, a tax that taxes the purchase of foreign currency for savings, equating its exchange rate with the “card dollar”, which increases spending abroad by 75% up to 300 dollars a month. The “Qatar dollar”, which recharges 100% of purchases with credit or debit cards abroad for more than 300 dollars a month, will remain with values between 560 and 570 pesos.

In addition, a country tax of 7.5% will be applied to all imports, except medicines, fuels, lubricants, goods related to energy generation, inputs and intermediate goods of the basic food basket, which will be exempt; while luxury goods will pay 30%.

These measures seek to strengthen Argentina’s reserves, which have been affected by macroeconomic imbalances and a severe drought that affected agricultural exports, its main source of income, during the first semester.

Fulfillment of the goals agreed with the IMF in the extended facilities’ agreement achieved in 2022 is essential to receive the disbursements that allow Argentina to meet debt maturities with the agency. The “staff level agreement” is expected to be approved before the IMF maturities, which amount to some 3.4 billion dollars between July 31 and August 1.

K. Tovar

Source: The Logistics World

(Reference image source: Live Richer, Unsplash)

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