Economy Minister Amado Boudou said that the pillars of the ‘productive model’ and re-industrialization process implemented by the Argentine government are solid consolidating social inclusion and distribution.
G-20 Economy ministers will be meeting May 18/19 in Argentina to address commodity prices’ variations, according to Argentine sources. The meeting was agreed during the recent IMF/World Bank spring assemblies in Washington, following on Argentina’s deep concern about the “volatility” of commodity prices.
Argentina reached an agreement with the French conglomerate Peugeot-Citroen and the importers of Italy’s Alfa Romeo, to balance imports-exports value, following on Argentina’s latest regulations for the country’s auto industry.
Argentina's February monthly economic activity indicator, or EMAE, jumped 8.7% on the year and was up 0.4% on the month, the national statistics agency Indec reported Monday. The EMAE comprises most components of gross domestic product.
The IMF has presented a report to Argentine authorities with specific recommendations for developing a new, nationwide consumer price index to replace the much-criticized current index, the fund said in a press release Monday.
Argentina decreed the dissolution of the controversial ONCCA, (Office for the commercial control of agriculture produce) which was directly involved in market regulation and distribution of subsidies and as such caused much irritation and criticism particularly from farmers’ organizations.
Argentina’s primary surplus rose 103.7% and reached 2.1 billion Pesos (522 million US dollars) during January year-on-year, according to Economy Minister Amado Boudou. Tax revenue in January set a new record of 40.7 billion Pesos due to booming economic growth and rising inflation.
Argentina is satisfied with the outcome of the G-20 ministerial meeting after the proposal to regulate commodities prices was turned down, particularly in the food chapter, and because it was agreed that the best way to address current tensions is to stimulate supply.
Argentina’s Economy Minister Amado Boudou heads to France this week to participate in the G20 ministers meeting and will take advantage of the trip to further advance tentative negotiations to resolve the defaulted debt Argentina has with the Paris Club.
Argentina’s Industrial Union’s vice president, and FIAT Argentina’s head Cristiano Ratazzi, warned Monday that “inflation is like a drug that creates illusions but also social tensions”.