«We benefit when Argentina does well,» says Industry and Commerce Minister

Asunción, Agencia IP.- Minister of Industry and Commerce (MIC) Javier Giménez stated that it is in Paraguay’s interest for the Argentine economy to improve, as it will positively impact the local economy. He urged caution when making predictions about the potential outcomes of the measures adopted by Javier Milei’s Government.

Government officials closely monitor the economic and social crisis in Argentina, one of Paraguay’s main trading partners. In this context, Minister Giménez said that the most prudent approach is to wait and see how things unfold in the neighboring country.

He considered that there won’t be significant changes for now. Still, he emphasized the need to be cautious when predicting what might happen. «We will see the results of the adjustments being made; I still reserve my thoughts about their total implementation and, above all, their durability over time,» he underscored in an interview with Radio Nacional del Paraguay on Thursday.

He also noted, «We are in an observational stage and have our predictions about each of the items announced regarding the measures of the Argentine Government.»

In this context, he expressed his wish for Argentina to do well, considering that it would positively impact the Paraguayan economy if that happened.

«If the Argentine economy does well, prices become more transparent, Paraguayans will have greater purchasing power, improved wages, and consequently, they will send more money to their relatives in the country,» he said.

«It is in our interest for Argentina to do well. Our problems with them were due to the country’s mismanagement. It has to go well for us to recover the banana exports and get paid, for the remittances from Paraguayans to be better, and for the exchange rate to become more transparent. For smuggling to stop – in other words, it benefits us,» he emphasized.

On the other hand, he stated that the first six months of 2024 will be a very interesting analysis period because it will reveal the initial results of the economic measures adopted by Milei’s Government.

«We have to see if these measures can be sustained politically because we see a tension in Argentina regarding everything that has been announced. We will see how things unfold,» he concluded.