The Government exceeded a key goal requested by the IMF

The Ministry of Economy reported that the 2022 fiscal deficit was 2.4% of GDP. “This represents over-compliance with the fiscal goal established in the Extended Facilities Program for the Non-Financial National Public Sector (2.5% of GDP)”, agreed with the International Monetary Fund (IMF).

From the portfolio that Sergio Massa leads, they consider one of the goals that he set at the beginning of his management as fulfilled: order the fiscal accounts that in the middle of the year looked overflowing. Minister Massa made reference to the “overflow” he found in public accounts during a tour of the United States in October.

By 2023, the fiscal deficit target agreed with the IMF is 1.9% of GDP, compliance with which may be compromised by the lower contribution of foreign currency from agricultural exports, diminished by the drought.

The Government complied to accumulate the reserves requested by the IMF

The Ministry of Economy reported that in “December, the National Public Sector broke a primary deficit of $502,128.2 million. Thus, between January and December a primary deficit of $1,955,140.8″ accumulated, reaching a primary deficit of 2.4% of GDP.

In the reference period, the total revenue of the national public sector amounted to $1,688,118.6 million, representing an improvement of 92% year-on-year.

December 2022 numbers

During December, income from primary issuances of government bonds was 60,616.2 million pesos. Tax revenue grew 89.5% in December compared to the same month of the previous year.

This improvement in revenue was mainly driven by the increase in Profits (+126.7% yoy), Social Security contributions (+89.6% yoy) and in export duties (+92.1% yoy) within the framework of the Export Increase Program (Decree 787/2022).

LM/CCM