This Sunday Javier Milei won the second round for the presidency in Argentina, with an advantage over his opponent, Sergio Massa, over 80% of the votes.

Argentines expressed their joy in the streets of the country’s main cities, as well as in Buenos Aires, the capital.

The solidarity of other leaders did not take long to appear on social networks. The words of Nayib Bukele, president of El Salvador, Luiz Inácio Lula da Silva of Brazil, Laurentino Cortizo of Panama, and Luis Lacalle Pou of Paraguay stand out.

Donald Trump, current candidate for the 2024 United States presidential election, has also expressed his congratulations; Elon Musk; Jair Bolsonaro, former president of Brazil; Luis Almagro, secretary general of the Organization of American States (OAS), among others.

Milei, a 53-year-old economist, with a radical position regarding financial, economic and social issues, pointed out in his first appearance once his victory was announced, that they have multiple challenges ahead. The investiture as the new president of Argentina for four years will be next December 10.

🇦🇷 | #AHORA En el Obelisco, una multitud de simpatizantes de @JMilei celebra el histórico triunto del liberalismo contra el kirchnerismo. pic.twitter.com/f1xyNPQeUu

— La Derecha Diario (@laderechadiario) November 20, 2023

M.Pino

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La entrada Javier Milei is the new president of Argentina apareció primero en Bitfinance.

The candidates for the Presidency of Argentina attacked this during the second electoral debate against the also candidate and current Minister of Economy, Sergio Massa, for his economic management.

The ultra-liberal Javier Milei, from Libertad Avanza, assured that the main culprit of the country’s economic situation is “an impossible fiscal tangle” and a “caste spending model” that “generates fiscal deficit and raises taxes, or issues money and generates inflation, or goes into debt and then generates more risk for the country.”

“The measures to combat the caste model have to be complemented with a modernization of the labor system and reduction of penalties, so that there is growth with capital accumulation and rise in real wages,” added Milei, as published by the Argentine news agency Télam.

Candidate Patricia Bullrich, from Together for Change, has charged against “the political and union mafia of Kirchnerism” due to the “blockade” and “closing” of companies that “end Argentine work.”

“We are going to lower taxes on work. We want to make a real law for informal work so that, if you have informal work or have social plans, you can get jobs”, she proposed.

During his turn, Juan Schiaretti, current governor of the city of Córdoba and candidate for We Make Our Country, proposed a tax structure “that does not punish production.”

“We have to have a tax structure that does not punish production. We must eliminate withholdings on exports from the countryside and the agro-industrial complex. And we must replace distorting taxes such as Gross Income with a tax on the last sale or a provincial VAT such as Brazil has,” he said.

The candidate of the Left and Workers Front, Myriam Bregman, rejected that the “labor problems we have are the fault of the fact that there are workers who have many rights and that if we take them away from them, everyone else will be happier.”

Source: dpa

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La entrada Argentine presidential candidates attacked Massa apareció primero en Bitfinance.

The Minister of Economy of Argentina, Sergio Massa, indicated this Monday that the country needs a digital currency, which is why he has sent the project for a CBDC to Congress.

Although there are no further details about a digital currency from the Argentine central bank, Massa has insisted that the country needs a CBDC, which provides greater security against crimes such as tax evasion, among others, and is under the control of the Central Bank.

According to Massa, “Argentina takes more dollars out of the country than it brings in, its economy is in the black, and it also has problems in the tax system that limit development.”

This reality leads to the search for alternatives for the financial and economic apparatus of the South American country. Regarding the creation of a CBDC, Massa added: “We are going to launch the Argentine digital currency, just as your children propose in their platform economy, the possibility of trading with the cell phone or with the card, we are going to do it in a way global for all of Argentina, along with a money laundering law, so that those who have money abroad can bring it to use tax-free.”

The governor of Chaco, Jorge Capitanich, joined Massa’s position, pointing out that Argentina requires a multimonetary system; that citizens can pay with different currencies, and for this a legal and mandatory digital currency is required.

A CBDC would provide greater openness, stability and security to the financial system, in addition to opening doors to the consolidation of other sectors, such as labor, goods and services, among others.

The central bank’s digital currency has the same guarantees as paper money, issued by the central bank, although it does not have a physical counterpart.

M.Pino

Source: news.agrofy

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La entrada Argentina sends CBDC project to congress apareció primero en Bitfinance.

The Minister of Economy of Argentina and candidate for president, Sergio Massa, reported that the State will take measures to support informal workers who have suffered the ravages of growing inflation in the country.

The program will consist of the disbursement of the sum of 47,000 pesos (equivalent to $128.5) in both October and November.

This measure will benefit informal workers between the ages of 18 and 64, who lack registered income and do not receive any type of financial assistance from the State.

According to the most recent data provided by the authorities, the labor informality rate among salaried workers reached 36.8 % in the second quarter of this year. It is important to note that this figure does not include people who work informally on their own.

This new measure adds to a series of initiatives previously announced by Massa in recent weeks, aimed at partially offsetting the loss of income experienced by the acceleration of inflation in August, which reached 12.4 % compared to July and a 124.4 % in interannual terms. This increase came after a 22 % devaluation in the official exchange rate, which occurred one day after the August 13 presidential primaries.

Massa reiterated that this devaluation was imposed by the International Monetary Fund (IMF) as part of the recent reviews of the debt refinancing agreement worth $45 billion, signed with the organization in March 2022.

K. Tovar

Source: Bloomberg

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La entrada Argentina will pay an “income boost” to informal workers apareció primero en Bitfinance.

In a prominent day in Washington, the Argentine Minister of Economy and candidate for the presidency, Sergio Massa, revealed that he had obtained loans for a total of 1.3 billion dollars from the World Bank and the IDB, for the benefit of Argentina.

From early hours, Massa held a meeting with Anna Bjerde, Managing Director of Operations of the World Bank, where two financing programs were achieved. One of them, with an allocation of 450 million dollars, focuses on strengthening food security.

The second, of 200 million dollars, is aimed at Small and Medium Enterprises (SMEs), providing them with access to credit for imports and a rapid settlement of foreign currency for export. These details were shared by Massa at a press conference held at the facilities of the Inter-American Development Bank (IDB).

Likewise, in his meeting with Ilan Goldfajn, president of the IDB, additional funds were announced for a total of 650 million dollars, with three key objectives: financing the construction of a bridge between the provinces of Corrientes and Chaco, improving the Salto dam Large shared with Uruguay, and increase exports in the knowledge economy sector. With these initiatives, the amount of additional financing would reach the figure of 1,300 million dollars for Argentina at the end of this year.

Massa emphasized that these credits play a fundamental role not only in reinforcing reserves, which have experienced an increase of 1.7 billion dollars in the last 21 days, but also in supporting development projects.

At a time when Argentina faces annual inflation of more than 100 % and a marked shortage of international reserves, these loans provide respite from the high demand for dollars, which citizens seek as a refuge from price volatility.

K. Tovar

Source: Semana

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La entrada Sergio Massa announces a $1.3 billion loan for Argentina apareció primero en Bitfinance.

The Minister of Economy of Argentina, Sergio Massa, reported the activation of the swap with China, through which the payment of imports from the Asian giant in yuan will be allowed to face the challenge of maintaining the level of international reserves, which in the last few weeks are falling significantly due to the economic impact of the drought that the country is going through, among others.

In a joint appearance with the Chinese ambassador in Argentina, Zou Xiaoli, the minister explained that this measure will allow payments worth 1,070 million dollars to be replaced, which will have a positive effect on the level of reserves.

With this change, the payments for these imports will “cease to weigh” on the outflow of dollars and will become part of the outflow of yuan. “It’s about defending the value of Argentina’s reserves,” Massa said.

This same week, the Argentine government stressed that they would use all the necessary tools to order the chaos that the rise in the dollar exchange rate is causing in the country and is already contemplating renegotiating the financing program with the International Monetary Fund (IMF).

K. Tovar

Source: El País

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La entrada Argentina will allow payment of imports in yuan apareció primero en Bitfinance.

The Minister of Economy of Argentina, Sergio Massa, and several members of the department he heads will hold meetings this Thursday with the CAF and the IMF in Uruguay and Washington, respectively, to improve the situation of the lack of liquidity and the fall in international reserves. that the country is facing.

It is expected that a delegation from the Government of Argentina, led by the Vice Minister of Economy, Sergio Rubinstein, will disembark this Thursday at the offices of the International Monetary Fund (IMF) to renegotiate the agreement that Argentina maintains with this organization.

Last Tuesday, the Minister of Economy himself announced that the Government will use all the necessary tools to order the chaos that the rise in the dollar exchange rate is causing in the country and is already contemplating renegotiating the financing program with the IMF, which will has been favorable to this revision due to the context of extreme drought that the country is experiencing.

The objective of the economic team is to look for mechanisms to advance the disbursements of the program, to help immediately raise the level of reserves. The expectation of the Government is that not only the goals for 2023 are adjusted, but also that at least part of the disbursements that remain for the rest of the year be brought forward, as it did in 2019, during the government of Mauricio Macri, before the crisis scenario unleashed at that time.

K. Tovar

Source: Notiamerica

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La entrada Argentine government will meet with CAF and IMF apareció primero en Bitfinance.

The measure on regulation of access to foreign currency in the oil and gas sector had been mentioned by the new Argentine Economy Minister Sergio Massa. However, the decree was issued this week, specifying the requirements that companies in both fields must meet to obtain foreign currency.

According to decree 484/2022, “the beneficiaries may, in order to encourage investments to increase the production of the hydrocarbon areas under their ownership, present themselves together with other legal entities with a minimum investment of US$ 50 million”.

The companies that are accepted will enjoy the corresponding benefits from the third quarter of the year. They must submit all collections for these purposes, within the time stipulated for receipt by the Secretary of Energy.

According to the decree, the companies that are accepted to receive the allocation of foreign currency, “must increase their purchases and contracts with national and regional suppliers by December 2024 by 30 % for drilling and completion items, and by 40 % for the items of production and maintenance and works and surface installations on the percentage of composition of the expense of 2021.”

Government representatives have justified the issuance of this decree, taking into account Argentina’s deficit situation in the energy trade balance. On the other hand, they consider that the measure is fundamental for the macroeconomic impulse of the country.

M.Pino

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La entrada Argentina issues decree for access to foreign exchange from oil and gas sectors apareció primero en Bitfinance.