Economy Minister Luis Caputo denied that the government is planning to devalue the currency further or eliminate the preferential export scheme, as the International Monetary Fund (IMF) suggested in its latest review. The minister also said it had not started negotiations for a new agreement with the last-instance lender. “It is in the statement because it is from earlier, when we estimated that the [Ley Bases] would be approved in March,” Caputo explained in his post. Last week, Caputo also said the government was going to start negotiations for a new program with the lender to obtain fresh funds, which it would use to lift the exchange restrictions known as the cepo, Spanish for clamp. Caputo concluded his X post by saying the government has not yet started these negotiations, but clarified that the administration has a “very good relationship” with the lender.

Source: Bueno Aires Herald June 22, 2024 18:23 UTC