The Government confirmed that USD 5,700 million corresponding to the second tranche of the loan agreed in the renegotiation of the agreement with the IMF on Friday, October 26, entered the Treasury. for a total of USD 56,300 million.
With those resources, The Treasury managed to cover the financial slump generated by the persistence of a large final fiscal deficit and debt maturities public is estimated will remain in the reserves until next March.
The income of these funds can be verified by observing the information on the BCRA reserve position, which includes the difference between the deposits in dollars of the private sector with the loans granted by the entities to the exporters, and also the balance of the holdings of the Treasury in official banks.
The new agreement with the IMF foresees other disbursements of USD 7.6 billion in December 2018 and some USD 10.7 billion until March 2019.
With what was entered today, the total of international reserves returned to the values prior to the beginning of September.
Payments of debts and hoarding
With respect to the evolution of international reserves, it should be noted that the exchange rate movement caused an increase in the exchange rate of almost 100 percent between April and September.
If these two records are considered, in the first case the fall in international reserves was USD 15,428 million between January 12 and June 21 when they went from USD 63,906 million to USD 48,478 million. In the second, the decline was USD 15,407 million, between June 22 and October 29, when they went from USD 63,274 million to USD 47,867 million.
The outflow of currencies in 2018 totals about USD 30,000 million, discounted revenues from public debt and the contribution of the IMF, due to the cancellation of public debt, the increase generated by the fiscal deficit; and demand for hoarding and private tourism expenses abroad, mainly.
According to what he could know Infobae from a source close to the Government, the economic team will explain in the coming hours to investors in emerging markets on Wall Street details of how these new funds will be used, also on the objectives of the 2019 Budget and the financial program for the remainder of the year and the next.
"They will only meet with institutional investors from emerging markets that bet on Argentina"added the informant. These "road shows" will seek to explain among other things that the new agreement with the IMF will cover the financial needs until the end of 2019, which are already included in the 2019 Budget.
According to the estimates of the economic team, the financial program is already closed until the first months of 2019, so they do not see the need to sell dollars until then.