Massa ahora pisa más fuerte el gasto para acercarse a la meta fiscal del FMI

Massa ahora pisa más fuerte el gasto para acercarse a la meta fiscal del FMI

Casi sin margen para cumplir la meta fiscaI del trimestre, en la tercera semana del mes el gasto cayó 22% respecto de igual semana un mes atrás. La deuda flotante le da espacio para evitar un waiver

 

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El monitor del ajuste fiscal que semanalmente realiza la consultora Analytica reveló que, tras el cierre de las negociaciones con el Fondo por el cambio de la meta de reservas, el ministro de Economía, Sergio Massa, le imprimió un nuevo torniquete al gasto público. Luego de dos semanas de ligera holgura, en la tercera semana de marzo el gasto público devengado cayó 21,8% en términos reales respecto de igual semana de febrero y 2,9% respecto de igual semana de 2022.

Al respecto la consultora detalló que: “Si bien el agregado de obra pública muestra una variación interanual negativa (-16,4%), resulta heterogéneo el comportamiento entre partidas; los gastos devengados en energía y transporte son, respectivamente, 221% y 53% superiores a la misma semana de 2022. Por otro lado, en la semana bajo análisis hubo devengamientos de pagos por subsidios a la energía por $ 215.292 millones”.

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En efecto, las partidas en las que más se nota el ajuste interanual son las transferencias a las provincias con una reducción real del 56,7%, las asignaciones familiares y la AUH con una baja del 29% y la obra pública con una caída del 16,4%. Los subsidios económicos en su conjunto aumentaron 37% por la demora la implementación de la suba de tarifas y el gasto en política social, 37%.

Estas cifras contrastan con lo observado en las dos primeras de marzo en las que el monitor de Analytica había registrado mayor holgura en la evolución del gasto público con aumentos del 18,2% y del 10,8% intermensuales.

Para cumplir el acuerdo con el FMI, la Argentina debe avanzar gradualmente hacia los superávits gemelos y en enero -a fuerza de sequía y también de adelanto de exportaciones para el último trimestre de 2022 con el dólar-soja 2- la economía perdió el superávit comercial e inauguró una etapa de déficits gemelos.

En febrero, gracias a un fuerte ajuste en las importaciones, Massa logró achicar el déficit comercial y compensar parte de la falta de exportaciones en la balanza comercial. Lo que no pudo compensar fue el agujero en los ingresos tributarios que dejó la caída en las retenciones a causa de las menores exportaciones agrícolas. Así, el déficit fiscal anotó un salto interanual del 47,7% hasta los $228.134 millones en base caja.

Dicho en otras palabras, por la caída en los ingresos al fisco, solo en dos meses, Economía agotó el 98% de la meta fiscal para el primer trimestre de $441.500 millones. Esto es, incluso, sin cumplir con el fallo de la Corte Suprema que obliga a Nación a aumentarle la coparticipación. Este incremento en el pago de coparticipación -para no afectar los montos que ya perciben las provincias- tiene un costo equivalente al 0,15% del PBI.

Entonces, para poder cumplir con la meta fiscal del primer trimestre, el único mecanismo disponible es recurrir al margen de deuda flotante que permite el Acuerdo Stan By, esto es la diferencia entre los gastos devengados y los que efectivamente se pagaron (denominado “en base caja”).

Al respecto, le último informe del Centro de Economía Política Argentina ( CEPA) detalló que: “Para el mes de marzo, último del trimestre, el margen entre el stock de deuda flotante y lo que permite tener el FMI es de mínimo ARS 446 mil millones. Una vez más, es importante remarcar que como la medición técnica del FMI es un promedio diario del trimestre, los últimos días de marzo la deuda flotante puede crecer sustancialmente más que el importe que mencionamos dado que, al ser un promedio diario, el efecto de pasarse del límite los últimos días del trimestre se licua en los 90 días que abarca el período”.

Dudas por el cumplimiento hacia adelante

Durante las negociaciones, Argentina enfatizó que el costo de la guerra en Ucrania para el país en materia de reservas fue de al menos 5.000 millones de dólares a lo largo de 2022 por la distorsión en los precios internacionales. Y también planteó el problema de la sequía que le costaría al país al menos 12.000 millones de dólares a lo largo de 2023 además del impacto sobre la recaudación. Sin embargo, el organismo insistió en que se profundice el ajuste fiscal para no cambiar las metas fiscales.

Por tal motivo, cuando el 13 de marzo se confirmó que solo la meta de acumulación de reservas netas sería modificada, el ex viceministro de Economía, Emmanuel Álvarez Agis, planteó la necesidad de renegociar con el Fondo Monetario explicando la imposibilidad de pago por razones de fuerza mayor, como lo es la mayor sequía de la historia, del mismo modo que lo haría un productor agropecuario con el Banco Nación. En su paso por el Foro Nacional de Seguros 2023 la semana pasada, el economista y ahora director de la consultora PxQ enfatizó que no se trata de incumplir con el FMI para tener un festival de gasto electoral, sino de comprometerse desde ahora a pagarle los 3.000 millones de dólares de 2023 el año próximo cuando vuelva a llover, “vis a vis la cosecha” para no llegar a fin de año incumpliendo la meta, cuando “todos sabemos que no se va a cumplir”, producto de la sequía.

“Una sequía no es una falta de compromiso con el acuerdo, no es una mala praxis, no es una mezquindad política, es una sequía, un fenómeno de la naturaleza. Y si después (al acuerdo original) lo podemos cumplir, buenísmo. Pero, al revés, es la típica historia argentina: ‘Lo voy a cumplir’. Primer trimestre, te modifico la meta de reservas. Segundo trimestre, la meta fiscal. Tercero, la de emisión monetaria. Fin de año: ‘Che, incumplimos’. Y sí, yo ya lo sabía desde el 2 de enero”, dijo.

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