Mayor resigns to take over Economy

Political leader Sergio Massa resigns this Tuesday (2) from the presidency of the Chamber of Deputies to be able to assume the position of Minister of Economy, a strategic role in times of financial turmoil in Argentina.

The session is convened for 2:00 pm local time (same time in Brasília) and in the same act the ruling Frente de Todos group will propose Congresswoman Cecilia Moreau, close to Massa, to preside over the Chamber. If approved, she will be the first woman to hold this position in the country.

“Tuesday is about my resignation from the Presidency of the HCDN and my resignation as National Deputy. I take this step with conviction and commitment, without doubts or speculations. I will dedicate all my energy to solving problems, understanding that it is the best service I can give to the country,” Massa wrote last Sunday on Twitter.

This 50-year-old lawyer and skilled negotiator was appointed last Thursday by President Alberto Fernández as the new Minister of Economy, a position held by Silvina Batakis since July 4th to replace Martín Guzmán, whose surprising resignation triggered a currency run and provoked the inflation in the country in July, which had already accumulated 36.2% in the first half of the year.

To give greater coordination to economic policy, the new appointment will be joined by the Ministries of Economy, Productive Development and Agriculture, Livestock and Fisheries.

After taking office as minister on Wednesday, Massa is expected to announce measures with two priorities in mind: containing inflation and restoring the central bank’s damaged reserves.

The new minister is due to travel this month to the United States, France and Qatar to meet with the International Monetary Fund, the Paris Club and investors.

Batakis, the new president of state-owned Banco Nación, was invited on the trip. In her only three weeks at the helm of the economy, she met in Washington with the director of the IMF, Kristalina Georgieva, and affirmed that Argentina will maintain the agreed economic objectives.

Under the agreement with the IMF, renegotiated this year for 44.5 billion dollars, Argentina is committed to reducing the fiscal deficit from 3% of Gross Domestic Product registered in 2021 to 2.5% in 2022, 1.9% in 2023 and 0.9% in 2024.

Massa’s arrival at the strategic ministry, which also has the explicit support of vice president Cristina Kirchner, inaugurates “a different stage” of the Peronist government, the president said on Monday.

“It is no small fact that Frente De Todos has found a way to work together. It is very valuable,” Fernández said.

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