The Minister of Finance, Luis Caputo, accompanied Mauricio Macri in the announcement of the new 30-year mortgage credits. Within said framework, Mr. President praised the fact that Argentinians will now have the possibility of “stop paying rents to have their own house”.

The following officials also attended the announcement: the Governor of the Province of Buenos Aires, Maria Eugenia Vidal; the Deputy Mayor of the City of Buenos Aires, Diego Santilli; the president of Banco Nacion, Javier Gonzalez Fraga; the president of Banco Provincia, Juan Curuchet; and the president of Banco Ciudad, Javier Ortiz Batalla.

The Minister of Finance, Luis Caputo, held this Thursday a conversation by the phone with Queen Maxima, Queen of the Netherlands, who represents the United Nations in the agenda of Inclusive Finance for Development. Within said framework, the conversation was about the importance of financial inclusion and the importance of fighting informality and exclusion to achieve growth for the country and the region.

Mr. Minister highlighted “the Queen’s high expertise in financial inclusion and the tough work conducted by her in order to extend the benefits of access to financial services and credit among the most vulnerable sectors of society”.

Caputo said that financial inclusion was included in the debates of the IDB Annual Meeting by Argentina’s express request last week in Paraguay and he added that it will be a main item on the agenda of IDB Meeting in October in Washington. In addition, both officials agreed on the importance of coordinating these policies with other strategic partners, such as the World Bank (WB), which is working hard on this matter.

Queen Maxima expressed her willingness to support the National Government in achieving greater financial inclusion. They also discussed about G20’s role in this subject and in how Argentina could address financial inclusion in the international forum. They talked about continuing with the work done in the Financial Services Digitalization area and about starting conversations on successful policies to reduce informality and achieve greater economic inclusion.

Caputo told Queen Maxima the Ministry of Finance’s decision to create the Financial Inclusion Council, which main objective will be to fight informality and extend the benefits of the financial system to the whole society.

The credit-rating agency Standard and Poor´s improved the country’s long-term credit rating from B- to B, with a stable long-term perspective and the short-term sovereign ratings were confirmed at B.

This improvement goes in line with the progress Argentina is making in the resolution of its macroeconomic instabilities and the rebuilding of credibility, within the framework of the foreseeability of its policies and the strengthening of its institutions. In this sense, S&P highlights the importance of INDEC’s reconstruction and the publication of reliable statistics.

The Minister of Finance, Luis Caputo, said: “This improvement reflects the work we have been doing with credit-rating agencies and credit regulators all over the world to show them the speed and the seriousness of the changes that are being implemented in Argentina”. Mr. Minister added: “This rating is a consequence of the work done by the Government to normalize the economy and rebuild credibility and confidence for the rest of the world.”

In addition, S&P increased its Transfer and Convertibility Risk (T&C) to B+ from B-, because there is a “sustained local access to foreign currencies”, according to the official report. Likewise, the agency estimated that inflation will continue with its progressive downward trend and that the economy will recover and grow a 3% in the next 3 years.

Among other indicators, the agency highlights the fact that the National Government has made progress in external liquidity and in the access to trade financing, both for the National Government and for the Provinces and businesses of the country.

In addition, this steady trend includes the agency’s expectations that policies will present a high level of continuity in the next two years. Within that framework, S&P highlights that the increase in the access to credit will play a crucial role as an engine for the recovery of the economy in 2017 and it also highlights the rapid resolution of the dispute with holdouts.