April 19, 2013
Washington, DC
QUESTION: Good afternoon. I'm Sylvia Pisiani [phonetic] from La Nacion, a newspaper in Buenos Aires, and talking about expanding initial results.
What I wanted to ask you is, well, we've heard a lot in Argentina there is an openness for dialogue.
Let me ask you that, along these channels of dialogue any work is taking place. The Fund often speaks about the fact that there is no progress with Argentina.
Let me ask you, can you tell us, has there been some progress, has there been some advance? Has something happened thanks to that offer to open dialogue?
The Government in Argentina is saying that next year a new CPI could be in place. I would like to know if you feel that that might be sufficient, if next year there is a new CPI.
Moving on to another topic and focusing now on the economic report, in the report you indicate that the Argentine economy, or investments in Argentina and its economy had been affected by two matters, the exchange rate policy and the import policy. Could you perhaps expand on that and tell us whether you have recommendations to formulate in this regard.
Thank you very much.
MR. WERNER: Thanks to the dialogue, some work is taking place. These have been different phases. I would say, right now, that they are in the early steps, so I cannot really give you a very specific answer, but there is work taking place and there is dialogue. In the months prior to my arrival, a lot of work had been carried out, progress had been made. Nonetheless, there are a number of issues still on the table, they haven't been addressed, and that is why there has been a censorship, and now we're in a new working phase.
We understand the timeline for the development of the new index. We need to understand it better, however, and really see what implications this will have on the censorship that was adopted by the IMF Board. That is the current situation.
With regards to implications on economic growth, as the report points out, growth in Argentina is affected by the restrictions and by the uncertainty they generate and the difficulties in the production chain.
And 2013, we also think the favorable effects of the recovery in Brazil thanks to a good crop--and these are part of the factors that are able to develop our forecast for that economy, on the one hand, the favorable terms of the crops; and secondly, the impact from Brazil. And on the other hand, a growing effect this is having on the economy.
I don't know if Miguel would like to add something.
MR. SAVASTANO: Just one thing I would like to add or perhaps underscore an answer given to a similar question on other occasions.
We know obviously the plans of the Argentine Government to create a new CPI, we know about the timeline that they have developed in order of the implementation and the rollout of that CPI. The question is often whether the simple creation of such an index will eliminate or perhaps neutralize the declaration of censure, and the answer to that is no. The mere creation of the CPI does not address the problem, does not solve the censure. [Instead, what is important is for the new CPI to be aligned with international statistical understandings and guidelines that ensure accurate measurement.]
But the creation of the new CPI gives us an indication in the dialogue [with the authorities] to find answers to some of the methodological questions that arise with the current index.
We will have to see how these will be carried over to the new index, but the dialogue has to go along these lines.
Washington, DC
QUESTION: Good afternoon. I'm Sylvia Pisiani [phonetic] from La Nacion, a newspaper in Buenos Aires, and talking about expanding initial results.
What I wanted to ask you is, well, we've heard a lot in Argentina there is an openness for dialogue.
Let me ask you that, along these channels of dialogue any work is taking place. The Fund often speaks about the fact that there is no progress with Argentina.
Let me ask you, can you tell us, has there been some progress, has there been some advance? Has something happened thanks to that offer to open dialogue?
The Government in Argentina is saying that next year a new CPI could be in place. I would like to know if you feel that that might be sufficient, if next year there is a new CPI.
Moving on to another topic and focusing now on the economic report, in the report you indicate that the Argentine economy, or investments in Argentina and its economy had been affected by two matters, the exchange rate policy and the import policy. Could you perhaps expand on that and tell us whether you have recommendations to formulate in this regard.
Thank you very much.
MR. WERNER: Thanks to the dialogue, some work is taking place. These have been different phases. I would say, right now, that they are in the early steps, so I cannot really give you a very specific answer, but there is work taking place and there is dialogue. In the months prior to my arrival, a lot of work had been carried out, progress had been made. Nonetheless, there are a number of issues still on the table, they haven't been addressed, and that is why there has been a censorship, and now we're in a new working phase.
We understand the timeline for the development of the new index. We need to understand it better, however, and really see what implications this will have on the censorship that was adopted by the IMF Board. That is the current situation.
With regards to implications on economic growth, as the report points out, growth in Argentina is affected by the restrictions and by the uncertainty they generate and the difficulties in the production chain.
And 2013, we also think the favorable effects of the recovery in Brazil thanks to a good crop--and these are part of the factors that are able to develop our forecast for that economy, on the one hand, the favorable terms of the crops; and secondly, the impact from Brazil. And on the other hand, a growing effect this is having on the economy.
I don't know if Miguel would like to add something.
MR. SAVASTANO: Just one thing I would like to add or perhaps underscore an answer given to a similar question on other occasions.
We know obviously the plans of the Argentine Government to create a new CPI, we know about the timeline that they have developed in order of the implementation and the rollout of that CPI. The question is often whether the simple creation of such an index will eliminate or perhaps neutralize the declaration of censure, and the answer to that is no. The mere creation of the CPI does not address the problem, does not solve the censure. [Instead, what is important is for the new CPI to be aligned with international statistical understandings and guidelines that ensure accurate measurement.]
But the creation of the new CPI gives us an indication in the dialogue [with the authorities] to find answers to some of the methodological questions that arise with the current index.
We will have to see how these will be carried over to the new index, but the dialogue has to go along these lines.
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