Subsidies will be adjusted and there will be a special regime for agriculture

Thursday, August 04, 2022 | 5:00 a.m.

After being sworn in as head of the Economy portfolio, the new Minister Sergio Massa announced last night at a conference the first economic measures aimed at curbing the crisis. In a context in which the blue dollar is around 300 pesos, inflation remains very high and the Central Bank continues to sell reserves, the “super minister” aimed to accommodate the economic outlook.

At the beginning of his speech, Massa clarified that “the challenge is enormous”.

“The global context can be transformed into an enormous opportunity for Argentina,” said the minister, exemplifying the situations in several European countries that, due to the world energy and food crisis, will allow Argentina “to become a great player if it sets its mind to it.” ”.

“I am not super nothing, neither magician nor savior. I come to work in a very committed way. Argentina is a country with developing resources, not a rich country,” he declared.

“Inflation is the greatest poverty factory that any country can have,” added the minister, who explained that the measures aim to “combat this scourge.”

The principles of the measures are: fiscal order, commercial surplus, strengthening of reserves and development with inclusion. In the axis of the engines are: investment, production, exports and defense of the internal market.

Before finishing his conference, Massa gave some “final considerations”. He announced that they will tender the second section of the Néstor Kirchner gas pipeline and will launch a program to train 70,000 new programmers in the next 12 months. In addition, the government will launch a voluntary exchange for maturities in pesos in the next 90 days, which will end on Tuesday, for which “they already have adherence commitments of more than 60%.”

In addition, he called on Congress to quickly deal with the laws that benefit construction, bio and nanotechnology, agribusiness and the automotive industry in tax terms, “because they are great generators of employment and growth.”

Finally, he called on the Liaison Table to “sit down and work together for the development of this powerful sector made up of Argentine producers.”

Prior to yesterday’s speech, Massa had already announced a large part of his economic team, among which the return of José de Mendiguren as Secretary of Production and the arrival of Juan José Bahillo at the Secretary of Agriculture stand out. In fact, these two portfolios were previously the ministries led by Daniel Scioli and Julián Domínguez, which were absorbed by the new Ministry of Economy.

Massa’s resignation from his presidency in the Chamber of Deputies was formally accepted on Tuesday, in an atmosphere of celebration and with great support from the Front of All. Cecilia Moreau, the first female president of that legislative body, now heads the lower house.

“A great opportunity”

President Alberto Fernández swore in Sergio Massa as Minister of Economy during a ceremony in which he assured that his government is beginning “a new stage” and called on Argentines to “join efforts” and not “overlook” a “great opportunity” that opens up for the country.

In addition, the president praised the “ability and courage” of Massa, who took over as head of a renewed Ministry of Economy -which since yesterday unified the economic-productive areas in a single portfolio- and replacing Silvina Batakis.

“It is a time for all of us, with great hope, to join forces to get ahead; When I say everyone, I am not only speaking to my colleagues from the Front of All (FdT), whose unity is essential for me, but also to all Argentines and to all Argentine women”, said the president, in a message in which he also mentioned businessmen and union leaders.

“We have a great opportunity as a country, let’s not let it go unnoticed,” he added. The swearing-in ceremony showed overwhelming support from the different sectors of the ruling coalition and from important figures from the business and union spheres.

The head of state recalled that Argentina and the world in general are experiencing a “very unique time” due to the consequences of the coronavirus pandemic and the war in Ukraine, and in this context he urged: “I ask everyone… We have a great opportunity as a country, let’s not let it go unnoticed”.

They will pay “reinforcement” bonus to retirees

The government, through Anes, will pay a “reinforcement” bonus for retirees, in order to moderate the effects of inflation on purchasing power. This was announced by the Minister of Economy, Sergio Massa, in his first press conference in office in which he presented his start-up measures. The bonus that Anses will pay to retirees will be applied together with the increase in September retirements.

As announced by Sergio Massa, next Wednesday, August 10, “the retirement mobility index will be announced with a reinforcement that helps retirees to overcome the damage caused by inflation.” He stated that in the next few days he will meet with the head of Anses, Fernanda Raverta, to define the amount of the bonus for retirees and when it will be paid.

Change of Cabinet

Massa took over as head of Economy and warned: “I am not a magician or a savior”

The officials who come to Economy from the hand of Massa

Fiscal order, surplus, reserves and social inclusion, the axes of the program

They evaluate that it is a realistic plan but mark various challenges

They highlight Massa’s set of ideas and expect concretions

The Senate endorsed the Fiscal Consensus signed by the provinces

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