Buenos Aires Times

economy IN PARIS

Macri gov't anxiously awaiting announcement on future OECD membership

Argentina could be confirmed as a member of the Organisation for Economic Co-operation and Development (OECD) if all goes well during an upcoming meeting of ministers in Paris, France.

Tuesday 29 May, 2018
José Ángel Gurría, president of the Organisation for Economic Co-operation and Development (OECD).
José Ángel Gurría, president of the Organisation for Economic Co-operation and Development (OECD). Foto:File-Perfil

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The Mauricio Macri government is trying to leave recent financial “turbulence” behind and concentrate on a foreign agenda that could mitigate future financial uncertainty.

Argentina could receive the green light next week to join the Organisation for Economic Co-operation and Development (OECD) if all goes well during an upcoming meeting of ministers in Paris, France.

Argentina’s Treasurer Nicolás Dujovne and the Foreign Minister Jorge Faurie will travel to France on Wednesday.

A meeting among OECD ambassadors was held last Friday with the hope of securing a decision about Argentina’s membership, but this did not come to pass. They did, however, confirm Colombia’s inclusion.

The coming weeks will be crucial for Argentina, with a local committee of government and opposition lawmakers scheduled to start meeting, following the government’s announcement that it would call on political parties across the board to find consensus on future economic measures.

‘EMERGING MARKET’

The country’s focus on joining the OECD comes as the Macri government continues negotiating a line of credit with the International Monetary Fund (IMF) and as the MSCI Emerging Markets Index announced that it will address the issue of Argentina’s classification as a “frontier market” on June 20, national Flag Day.

Markets will be watching closely as Morgan Stanley, which manages the global index, determines if Argentina moves from a “frontier” to “emerging” market.

When it comes to the OECD, Argentina's possible inclusion as a member state will not be a quick one.

The organisation, which maintains a similar approach to the IMF, will lay out its recommendations, many of which the government has already put in place in order to align itself with the OECD.

The OECD sets standards regarding tax rates and deficits and also makes recommendations about social and health policies including the risks of illegal abortions or basic policies surrounding women, an area which the government continues to fail in even after Christine Lagarde told Nicolás Dujovne recently that his team was “short of women”.

One of the OECD’s policies, as set out in a seminar held recently in Buenos Aires, is that women participate in its meetings.

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