Changes in the Economy: Martín Guzmán replaced two secretaries and advances in the BCRA

The Minister of Economy, Martín Guzmán, confirmed today two name changes in his team. Fernando Morra took over as Secretary of Economic Policy, in replacement of Haroldo Montagu, while Mariano Sardi, assumed as the new Finance Secretary, by Diego Bastourre.

As reported by spokespersons for that portfolio, Bastourre will take over as director of the Central Bank, in the place of Carlos Hourbeigt, who had been placed there by former Minister of Economy Roberto Lavagna, a critic lately of current economic management. Montagu, meanwhile, will be part of the Economic Social Council, which the government launched last November.

“The appointed officials were already part of the current economic team of Minister Guzmán and have with extensive experience and academic and professional career “, they said at the Palacio de Hacienda.

Sardi until today held the position of Undersecretary of Financial Services of the Ministry of Finance. Until September 2020 he was vice president of the Social Capital Fund (Foncap), the company with state participation dedicated to contributing to the development of finances inclusive that works under the orbit of the Ministry of Economy.

Last December, he joined the technical mission headed by Bastourre who traveled to Washington to continue the exchange of technical meetings with the IMF staff and promote the development of the local capital market. In addition, he was head of Macroeconomic Analysis at the Central Bank and held different positions in that entity between 2007 and 2019.

Morra, for his part, had already been working and playing a central role in macroeconomic programming issues, acting as a representative of the Ministry of Economy in the Central Bank and also had a key role in negotiations with the IMF. He is a specialist in inflation, with a long history in the public sector, they said in Guzmán’s surroundings.

He began in public management in 2006, working with Guzmán in the Ministry of Economy at the time of Néstor Kirchner. It then went to Banco Provincia and then to the government of the province of Buenos Aires during the administration of Governor Daniel Scioli.

He held various technical positions in the Buenos Aires administration, was critical of María Eugenia Vidal’s administration, and finally ended up leaving and returned to the University of La Plata.

His first job at the Academy was with Guzmán, as a research assistant, and professor at the Moneda, Credits and Banks Chair at the University of La Plata. Since then, he shared 14 years of work with Guzmán and continues to share this chair. His postgraduate thesis was on Disinflation Processes. He is currently doing his doctoral thesis at the University of La Plata with Heymann.

Hourbeigt sent a letter of resignation in which he says that the reason for his departure is “the understanding of the political needs of the Government at this hour.” In turn, he addressed the “Government of the Nation” suggesting: “I wish God to enlighten him so that his decisions contribute to improving the quality of life of Argentines.”