For Melconian, with IMF money it does not reach

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The former president of Banco Nación, Carlos Melconian, once again marked his disagreements with the government’s economic strategy by saying that “Argentina needs to complement the Fund’s money with financing in the capital market”, since by computing “the maturity of bonds in dollars and interest payments, missing. “

The agreement with the IMF foresees financing for US $ 50,000 million over three years. The Government has already received a first disbursement of US $ 15,000 million and half of these resources are being used to supply the market demand for dollars daily. The other US $ 7,500 million is to cover the financial needs. According to minister Nicolás Dujovne had said weeks ago, the intention is not to go out and seek funds abroad for the next two years. For Melconian, this strategy is wrong.

The economist spoke on Thursday with Radio Miter and argued that market conditions were changing. “The Letes and the Lebac, which were given as refinanced and are now an obstacle, the financing program in pesos and dollars, is confusing.”

On the value of the dollar, he indicated that “the exchange market that comes can not be dependent on the supply and demand of the bicycle”. He also questioned the strategy of Central Bank President Luis Caputo to raise rates to take pressure off the dollar. “The real sector can not live with this interest rate, the road of uncertainty does not suit anybody, in all of these dislocations we enter because the economy failed”.

“It is clear that to many provinces, to export, to tourism, to demand, a dollar of $ 20 is not the same as a dollar of $ 30,” he said. But he added that “the Argentine cost and competitiveness do not depend on a devaluation”.

He also recalled the “high political and economic cost of the fiscal goal, which is very ambitious,” based on the agreement with the IMF, because “it is the one with less forgiveness or waiver in the future”.

“The IMF sets a goal of low spending, saying that public spending clearly has to grow less than inflation in 2019,” he said.