Brazil and Argentina to Sign Agreement for Export Financing. This Agreement Provides for a Line of Credit from Brazilian Banks to Argentine Importers and Also the Creation of Funds by the Brazilian Government to Ensure Loan Repayment.

Written by Bruno Teles

Published on 23/01/2023 at 17:35

Brasil e Argentina irão assinar acordo para o financiamento de exportações. Esse acordo prevê uma abertura de crédito de bancos brasileiros para importadores argentinos e também a criação de fundos pelo governo brasileiro para garantir o pagamento dos empréstimos (Foto/divulgação)

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During Lula’s Trip to Buenos Aires, the Governments of Brazil and Argentina Will Sign an Agreement for the Financing of Brazilian Exports in Operations with Guarantees from the Neighboring Country and International Liquidity to Revive Trade Between These Two Countries, Said Reuters, a Source from the Brazilian Government That Participated in the Negotiations.

This agreement provides for the opening of credit from Brazilian banks so that Argentine importers and the creation of funding plans by the Brazilian government ensure the payment of loans.

According to the source, in this operation, the bank will pay directly to the Brazilian exporter, with the guarantee of the national treasury; however, Brazil will receive the same amount from Argentina, deposited in New York, with international liquidity bonds.

“It can be Chinese bonds, it can be purchase and gas contracts, wheat. Something with international liquidity that ensures that, in case of non-payment by the Argentine importer, Brazil can access it to offset this non-payment,” said the source.

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Single Currency

The Brazilian government is expected to request that the memorandum on financial integration, which will be signed this Monday in Buenos Aires by President Lula and Argentine Alberto Fernandez, include a section that makes clear that discussions on common financial units between the two countries will not involve a single currency.

The new unit, which may be named Sur (South in Spanish), will be used for financial and commercial transactions between the two countries, and not for replacing the Brazilian real or the Argentine peso.

The goal of Brazil with this explicit request in the agreement is to ease the noise caused by news of the possibility of creating a coin that would be a common South American currency, that is, to clarify that the Sur will not replace any type of currency.

“We are breaking our heads to find a solution, something in common that allows for increased trade. Argentina is one of the countries that buy manufactured goods from Brazil, and our exports to them are decreasing. It involves navigating their difficulties; we are considering various possibilities,” explained Haddad.

Brazil and Argentina to Sign Agreement for Export Financing. This Agreement Provides for a Line of Credit from Brazilian Banks to Argentine Importers and Also the Creation of Funds by the Brazilian Government to Ensure Loan Repayment.

Single Currency

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