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One eve of vote, Argentina's Massa announces $500 million in new loans

Published Aug 12, 2023 08:11PM ET
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© Reuters. FILE PHOTO: Argentina's Economy Minister Sergio Massa departs after attending a meeting with International Monetary Fund Managing Director Kristalina Georgieva at the IMF headquarters in Washington, U.S., September 12, 2022. REUTERS/Evelyn Hockstein/File
 
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BUENOS AIRES (Reuters) - Argentina will sign loans worth $500 million with international lenders next week, Economy Minister Sergio Massa announced on Saturday, the day before a primary election in which he is running for president to lead the embattled ruling coalition.

In a ministry statement laying out economic policies to be formally rolled out next week, Massa also pledged to propose a "zero deficit" government budget for next year that would not overspend.

Lawmakers, however, are not scheduled to take up the 2024 budget until September.

Voters head to the polls on Sunday for the obligatory nationwide vote in which Massa's center-left Peronist coalition hopes to hang on to power despite widespread anger over a prolonged economic crisis marked by triple-digit inflation and the steady erosion of the local peso currency.

The $500 million in loans will be signed with the Inter-American Development Bank and the World Bank, according to the statement, which will boost the central bank's critically-low foreign reserves.

The ministry also said it will announce tax benefits allowing businesses to use non-declared funds for imports, and a call for bids for a major natural gas pipeline project.

Argentine traders are keeping a close eye on Sunday's election, which could point to the likely outcome of the general election in October.

One eve of vote, Argentina's Massa announces $500 million in new loans
 

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Comments (2)
Kiko Aguiar
Kiko Aguiar Aug 13, 2023 2:57AM ET
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its so bias when the press treats Fernandes current government as left-centre!! THEY ARE EXTREME LEFT, they are right next to supporting Lula da Silva, the 'democracy saviour' communist and the cuban government.
Warm Camp
Warm Camp Aug 13, 2023 2:57AM ET
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Reuters is still looking for a leftwing government, which it could not support.
MD Hasan
MD Hasan Aug 13, 2023 12:56AM ET
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md hasan
 
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