Prat Gay warned to the IMF that the “priority of the government is to reduce poverty” – Daily of The Day

Also stated that you should “fight for the trade” as it represents a form of halt to “illegal immigrants” from developing to developed countries

The minister of Economy, Alfonso Prat Gay, warned this morning before the Committee of the International Monetary Fund, the body that defines the policies of the IMF, about the renewed protectionist pressures, global, and called to “fight for the trade” for the good of middle-income countries and low, and as a way to stop “illegal immigrants” from developing to developed countries. In his statement to the Committee, the minister said that "protectionist pressures are everywhere, and we feel in our own country".

Loaded in addition against “the devaluations of the countries that seek to gain an advantage in trade, or “when the presidential candidates in countries that traditionally advocated trade liberalization, they propose to increase the tariffs and non-tariff barriers to trade", launched, not to mention any country explicitly. During this summit, there was a widespread concern of the impact it will have on world trade the result of the debate, the protectionist in the presidential elections in the united States, and by the slow growth of China, which until now was the main engine of global demand.

"We have to fight for the trade and this is not only for the sake of consumer choice and of competitive prices; it is also about providing people in low-and middle-income, the opportunity to make a decent living in their own countries," he said. And he continued: "nationalism and “economic patriotism” can stop the imports legal, but not illegal immigrants,” he said. For the official, the immigrants "face a simple choice; either they can sell on the outside what they produce in the home, or move abroad to make a better life."

right Away Prat Gay said that "we should not fall into pessimism and interpret the slowdown in the growth of the volume of trade as an indication that the integration of international economy is going backwards, and repaired in “the digital economy, which is challenging our ability to measure trade flows," he said in a speech. On these topics, the holder of the IMF, Christine Lagarde, revealed today at the press conference at the conclusion of the meeting of the Committee, that the countries that make up that organ of the IMF is committed to this provision the Fund to promote policies that generate inclusive growth and employment, and to avoid competitive devaluations.

Agustin Casterns, on the other hand, revealed that "the volume of global trade has not been dramatic since 2009," and stressed that were implemented about 1,400 measures of trade restrictions by G20 countries, in the last year", as was discussed this morning in the Committee where he participated Prat Gay. In his speech, the argentinean minister listed all the economic measures implemented by the new management of Mauricio Macri and who show a real change of economic model, such as the removal of barriers of trade, stocks exchange, reshuffling of tariffs to remove subsidies, and emphasized the achievements of deducting the inflation, and stressed that the “priority” of his government is to "reduce poverty", after enumerating the plans in motion. He also emphasized the output of the default and the agreement with the holdouts, and "the turn to the markets after 15 years, with the largest emerging debt issued by u$ s 16.500 million."

Likewise, he believed that "the fall in production has bottomed out. For the first time in five quarters, the third quarter of 2017 will end up with a rate of growth slightly positive”, where the construction and private consumption began to rebound, he said. It also noted the progress in the bilateral relationship with the Fund, which were already observed here, both by the officials of the IMF, as by the argentine Government during the Assembly, and noted the progress around the implementation of article IV with the IMF, so that “waiting for the next board meeting, which will take place next November, with wink favourable.

finally, he called to change the formula of the quota that is shared by the IMF, which are "hard to understand" and which "do not reflect adequately the world’s production of countries". While for Argentina the holdouts are no longer a problem for your economy, there was no mention in the text of the minister on sovereign debt of countries that continue with problems. Here in the seminars of the Fund and World Bank, there were at least two or three panels dedicated to the problem of sovereign debt in vulnerable countries and the IMF, on the other hand, warned of the record global debt of 152 billion dollars (trillions), that in a context of low growth in the long term may become unsustainable.

however, this topic itself was treaty-level G24, in developing countries where Prat Gay participated and agreed with the rest of their peers a common text: "We note the substantial balance of sovereign debt that does not have these provisions (of the new collective action clauses-reinforced), and support the search for solutions to potential problems of holdouts related to that debt," according to the point 13 of the text in developing countries.