(Bloomberg, 27.Jul.2022) — Argentina’s President Alberto Fernandez is poised to name lower house Speaker Sergio Massa as the country’s new economy minister, appointing a second person for the job in less than a month, according to local newspaper Clarin.
He would replace Silvina Batakis, who took office on July 4 after the abrupt resignation of Martin Guzman, the newspaper reported on Wednesday, without naming its sources.
In a tweet, Massa said he had seen “rumors” and had not been made any offer but was expecting to speak with Fernandez between Friday and Saturday. A spokeswoman for the president did not immediately reply to a request for comment.
Another abrupt change — or the mere rumor of one — will likely inject volatility into markets in the coming days. After Guzman resigned on July 2, prices soared and the peso plunged in parallel markets.
Massa, if confirmed, will inherit enormous challenges: Economists see inflation reaching 90% this year, the central bank’s reserves are razor thin and the country is behind on the targets it must meet to comply with a $44 billion program with the International Monetary Fund.Massa is seen as one of the more market-friendly figures within the ruling coalition. A former mayor who built his reputation as being tough on crime, he was cabinet chief between 2008 and 2009 during the presidency of Cristina Fernandez de Kirchner.
Batakis is returning from a trip to Washington, D.C. in which she met with representatives from the IMF, the US Treasury, the World Bank as well as private investors.
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By Carolina Millan. With assistance by Patrick Gillespie
