In September, Argentina will sit down with the IMF to discuss the objectives pledged for the second half of the year. Two variables will be under the microscope: inflation and the Central Bank’s level of dollar support. The technocrats responding to Kristalina Georgieva will not accept creative accountancy. Agreements with foreign banks to beef up reserves are on the cards.
President Alberto Fernández's government is speeding up construction of the Néstor Kirchner pipeline. If all goes well, it would be ready for the second half of 2023, but in the meantime, Argentina will spend at least two winters importing gas.
Crucial factors come into play next month. Soaring inflation, strained reserves, debate over the IMF deal and public-service tariffs are making March into a pressure cooker.