You lie the Argentina or the IMF? 20 May 2009 opened a new chapter between the Argentine Government and the International Monetary Fund (IMF). This time, the differences go through the strength of the fiscal surplus for Argentina, which would be, in the projections of the Agency International, far from official projections. It generates fear the IMF with its warning or intended to help warn about the fragile situation that would be generating? Meanwhile, yesterday spread the data of the primary fiscal outcome for the month of April which showed a surplus of $843,4, which implies an annual fall of 69.7% (with earnings inflated by inflation and increased revenues from the nationalization of the social security system). For the Government of Cristina Fernandez de Kirchner, all analysis involving a negative comment about the macroeconomic strength of the economy cannot be taken otherwise that is not as an attack to its management. Is evidenced that the President maintains the line of her husband, former President Nestor Kirchner, in this aspect. Projections that performs the IMF about the fiscal surplus of the Argentine Government are nearly eight times less than those carried out by local authorities, according to ambito Financiero let him reflected in yesterday.

For the Argentine Government, the fiscal surplus will be 3.1 per cent of GDP, according to estimates in the 2009 budget law, while for the International Monetary Fund, hardly reached 0.4% of GDP. Of course, that this big difference well could be reduced in the new estimates that at these times must be doing the Argentine authorities at the apparent deterioration of the economy. Why there is so much difference in the estimates? A key element can be found in the growth projection. The IMF hopes argentina’s economy to shrink 1.5%, very questioned data by the Argentine Government. Another element that could lead to an underestimation of the fiscal surplus by the IMF is the inflationary issue.