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The most recent Minister of Economy of Argentina, Sergio Massa, assured that the country needs to increase foreign exchange reserves in the midst of a scenario of high inflation and high external debt. The portfolio considers that the agricultural sector will be one of the solutions for more dollars to enter the South American country.
He is the third and last Minister of Economy that the Government of Alberto Fernández appoints in less than a month. Sergio Massa, in charge of managing agriculture, finance and relations with multilateral organizations, seeks to increase Argentina’s exports so that there is more foreign investment in the coming months.
Massa believes that making new debt operations and investing in agricultural production will help him achieve his goal: to end the constant shortage of dollars that has caused the US currency to skyrocket in the Argentine exchange markets.
And it is his second proposal, that of strengthening the country’s agricultural production, on which his efforts will focus the most, as he assured on Thursday, August 18.
The “super minister” hopes to convene the key leaders of this business sector to find the bottlenecks that have not allowed them to sell faster. Once the sale is faster, Massa believes that “the export of the grains will be the key for more dollars to enter” the coffers of the Argentine Central Bank.
Turbulent economic outlook in Argentina
The South American country is experiencing fears of an economic recession fueled by high inflation, has a high foreign debt and must manage constant mass demonstrations that pressure the Executive demanding a better quality of life.
Argentina holds a debt with the International Monetary Fund (IMF) of 44,000 million dollars and in July it registered a year-on-year inflation of 71%, well above the already high figure for that same period in 2021, when it stood at 51.8 %, according to the records of the Trading Economics portal.
Massa on different occasions has shown his support for the agreement reached with the International Monetary Fund (IMF) for the restructuring of the 44,000 million dollars of debt that the Argentine State has with the issuer and reaffirmed his commitment to comply with the agreed payments.
And it is expected that in the first days of September the head of the economic portfolio will travel to Washington, in what will be his first international trip as minister and where he will have the quarterly review with the IMF to finalize new disbursements from the international lender.
With EFE, Reuters and local media
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