In a significant announcement during his visit to Washington, Economy Minister Sergio Massa revealed the allocation of an extra $1.385 billion in funding for this year from the Inter-American Development Bank (IDB) and the World Bank.
“These funds are essential not only to bolster our international reserves but also to support development initiatives,” emphasized the official during a press briefing at the IDB.
Massa elaborated further in the press conference, detailing that the World Bank’s contribution would finance a $450 million food security program and a $200 million trade financing initiative for small and medium-sized enterprises (SMEs). Meanwhile, the IDB’s allocation of $650 million would go towards the modernization of the Salto Grande dam.
“Reserve accumulation will continue without hindering economic activity.” The Economy Minister assured that “the process of accumulating reserves will continue without hindering economic activity.” He made this statement during a press conference held at the Inter-American Development Bank in Washington.
Noting the addition of $1.7 billion in the past 21 days, Massa explained, “Our goal is to keep accumulating reserves, especially in this economically challenging year for Argentina due to the impact of drought.”
“Concerns arise when someone promises to build the economy using another country’s currency.” Addressing the topic of dollarization, which has been advocated by Javier Milei, the leader of La Libertad Avanza, Massa remarked, “I assume that those who are currently proposing dollarization for use in Argentina have obtained some form of permission or engaged in discussions. I don’t believe it’s merely an electoral narrative.”
During his discussions in the city, the minister shared insights about local elections, noting, “The region is accustomed to witnessing anti-political phenomena.”
“Convincing others to rely on a foreign currency raises eyebrows.” In response to concerns raised about the proposed dollarization, Massa stated, “It’s logical to assume that someone promising economic development with another country’s currency would need some sort of authorization to make such a commitment. Otherwise, they’re simply misleading the public.”
This sentiment was underlined as he concluded, “If a promise is being made involving external elements, the promisor should have the necessary permissions to do so. If not, it’s a case of deceptive storytelling.”