Lorenzino does not foresee 'strangling of trade balance'

Economy Minister Hernán Lorenzino said before Parliament today the government does not foresee a “strangling of the trade balance” for 2012, anticipating a positive result. He also guaranteed that the “debt reduction policy” will continue next year.

Speaking before the Budget Committee of the Upper House, Lorenzino also highlighted “the strategic association not only with Brazil, but with the entire region.”

“If we take into account the development of the region’s economy and the emerging countries in general and we compared it with the development of the advanced countries in the last years, I believe that it has been a correct decision of the President (Cristina Fernández de Kirchner) to be linked with the countries of the region,” the minister continued.

Regarding the debt reduction, he stated that “the debt with the private sector only represents the 33.44 percent of the total, so if we measure it in GDP terms, it does not reach 15 percent.” He also added that in 2012 there will be “only two important payments of the debt.”

The Economy minister highlighted the mechanisms applied by the government “to protect our markets before the international context.”

The Upper House of Congress approved the ruling of a package of economic bills claimed by the Executive branch, including the 2012 Budget, the extension of the economic emergency, cigarette and cheque tax bills, and also the amendment of the Income Tax law, that will be debated on Wednesday at the floor.

The agenda also includes the amendment of the Article 23 of the Income Tax Law and the bill that extends for five more years the rights for hydrocarbon exports.

Treasury Secretary Juan Carlos Pezoa; Energy Minister Daniel Cameron and Transport Secretary Juan Pablo Schiavi also attended the meeting along with Lorenzino.

Later, Justice Minister Julio Alak will attend a meeting at the Justice Committee to debate a bill that modifies the tributary penal law.

Also, pro-government members of the Agriculture Committee will seek to pass the ruling of the land ownership bill, which has already been approved by the Lower House and is scheduled to be debated at the Senate next Wednesday and Thursday.