:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/2WI7FGYLHZAC3KU36QUHUBGLD4.jpg "India's G20: Treasury Secretary Recognizes Argentina's Efforts to Order the Economy 1")
(Special Envoy to Bangalore, India) Economy Minister Sergio Massa and US Treasury Secretary for International Affairs Jay Shambaugh took an hour out of their busy schedules to discuss the economic stability plan, negotiations with the International Monetary Fund (IMF) and changes at the World Bank following the early resignation of its president, David Malpass.
Indian G20: Massa to call for measures to offset economic effects of drought and war in Ukraine
The Head of Finance Palace has arrived in Bangalore City to attend the Finance Ministers and Central Bank Chairpersons Summit, and also today he will hold bilateral meetings with the Treasury Secretary, Finance Minister of India and the Vice Minister of Finance of China
The meeting took place at the Convention Center of the Hilton Hotel, where the G20 summit of finance ministers and central bank presidents is deliberating. The place is protected by security forces of India, while outside the sacred cows take a siesta in the shade and dozens of green and yellow tricycles try to navigate the chaotic traffic of the streets of Bangalore.
Shambaugh acknowledged to the head of the Palacio de Hacienda the efforts that Argentina is making to order its economy in a context of inflation and the sharp rise in commodities following the war between Russia and Ukraine. Next to Massa was Marco Lavagna, director of INDEC and secretary for international relations in the Ministry of Economy.
Message from Sergio Massa to the countryside, a few days before a new demonstration: “Let’s work together”
At the launch of bird flu control measures yesterday and not to mention the protest in the countryside next week, the head of the Palacio de Hacienda called on growers
In this context, the Minister of the Economy described all the measures he is implementing to regularize the economy, appease inflation and achieve the objectives agreed with the International Monetary Fund (IMF). Massa told Shambaugh that a technical team from the Palacio de Hacienda is in Washington to conclude with Fund staff the approval of the objectives set for the fourth quarter.
Shambaugh met with Massa at the request of Treasury Secretary Janet Yellen, who has daily access to Joseph Biden’s Oval Office. Yellen plays a key role in shaping the White House’s economic and financial agenda. And he is here in Bengaluru to make Biden’s position explicit to G20 finance ministers. Without Yellen’s backing, Argentina would not have been able to refinance the $44 billion debt left behind by Mauricio Macri at the end of 2019.
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The Secretary of Agriculture gave an exclusive interview to GlobeLiveMedia. He spoke about the current situation of the agricultural sector, its relations with the leaders, the possibility of launching a new soybean dollar and the measures that have been taken to contain the avian flu and the drought.
The Democratic administration observes the economic and financial situation of Argentina. In Washington, they know the track record of the national economy, and Biden does not want to repeat the geopolitical hot flashes suffered -for example- by George Bush (h) and Donald Trump with the governments of Fernando de la Rua and Macri.
Massa has political credit in the White House, but from 1600 Pennsylvania Avenue you can see the yellow lights on in the city of Buenos Aires. Argentina does not access international markets to obtain fresh currencies and the cyclical consequences of the post-pandemic, drought and war in Ukraine are adding additional pressure to a fragile and damaged financial structure for many years. years.
Shambaugh listened carefully to Massa’s statements. The Undersecretary for International Affairs knows Argentina’s financial obstacles and understands the complex logic of its markets. Economic adviser to Barack Obama, professor at George Washington University and with successive academic collaborations at the Brookings Institute -a very prestigious think tank in DC-, Shambaugh understood Massa’s arguments regarding the global scenario and its impact on the country.
After describing the measures and objectives of the stability plan, the head of the Palacio de Hacienda explained to Shambaugh his concern about the economic consequences of the drought affecting agricultural production in Argentina. Massa’s comment has an implicit logic: The United States operates the Inter-American Development Bank (IDB), and there is a million dollar fund that could be used by Argentina to alleviate the effects of lack of irrigation water in key areas of the country.
A week ago, World Bank President David Malpass announced his resignation. Malpass is a Republican and denies climate change, a key issue on Biden’s international agenda. Now the President of the United States has a clear path and is about to name his successor.
Shambaugh raised this issue during the conclave he led with Massa. In the tradition of multilateral organizations, Europe appoints the main authority of the IMF -in this case, Kristalina Georgieva-, and the United States appoints the president of the World Bank. Biden could surprise the misogynist lobby in Washington: he does not rule out choosing a woman in place of Malpass.