Dollar, inflation and GDP: what economic projections does Nicolas Posey give senators for 2024

In his first report to the Senate, Chief of Staff Nicholas Posey pointed to some macroeconomic indicators that serve as a guideline for the government, in the absence of budget legislation for this year that should include these parameters. In that sense, at questions time, Kirchnerist senator Anabel Fernández Sagasti asked him for details: “Since they ignored the national budget and redirected last year’s budget, we do not know what the projections are, if the national government did this. Is them.”

Posse responded briefly with the numbers requested by the opposition, without giving further details. “Moving towards Senator Fernandez Sagasti’s questions regarding the expanded budget in the economy, this year’s gross product is estimated at 3.5% decline, Furthermore, the Central Bank’s nominal exchange rate with the dollar, A3500, is estimated at $1016 (58% year-on-year increase). And Year-on-year inflation is estimated at 139.7% By December 2024,” was the response of the Chief of Staff.

In this sense, it should be noted that the official data available extends to February. In that month, the monthly estimator of economic activity (EMAE) reported by Indec declined by -3.2% year-on-year. Regarding inflation, the last inter-annual data known yesterday corresponded to April and was 289.4 percent, an unstoppable increase from the previous year. It is expected that the slowdown seen in the monthly data will start to impact the decline in inter-annual measurements from the May data.

Senator Fernández Sagasti had previously inquired: “We expected you to tell us what the stabilization plan is, what the public debt the national government has, the monetary policy, the annual inflation pattern, the projection of the dollar.”

Other questions received by the Chief of Staff were related to the suspension of public works in the provinces, which is one of the central factors in achieving fiscal balance. Before going into specific cases, Posey repeated a general response: “Contracts have expired, they should be reviewed, there is no money, the only thing that was received was a loan,” he said.

Then, he explained in detail the situation obtained: “The National Public Administration had to pay off the debt in three months Accumulated debt of $90 billion, $50 billion of debt held by importers, Central Bank’s cash deficit of $12 billion without financing,

“You can imagine what is happening in the situation we are talking about. The contracts have expired, they need to be reviewed, there is no money, the only thing that was received was a loan,” he reiterated.

“While priorities will be given that are commensurate with available funds, we will not continue funding any type of initiative with silver issuance without support.” we suffer from hyperinflation,

About this Public works After consultation with Monica Silva, the national senator for Together We Are Rio Negro, the tender has already been awarded.

“A large number of works are stalled due to delay in payments and price updates. The priorities of the entire system are under review with negotiators from each province“, the national official assured.

And he clarified: “There are tasks that are going to end, others who are negotiating to transfer to provincial or municipal jurisdiction. and the rest is in one Reset or Neutralization Procedure,