The Energy Secretariat announced that the amount destined to improve gas production would be u$s 580 million. Banco Nación has already transferred more than 36,400 million pesos ($384 million) to the account opened for this purpose. The funds come from the 25% that the extraordinary contribution to the great fortunes had foreseen for this purpose. The Energy Secretariat works together with YPF and IEASA.
The hydrocarbon producing provinces had in April an essential contribution to their revenues from royalties, which increased 282% in pesos in twelve months, due to the combination of payments in dollars, the low base of comparison represented by the first month of complete application of the quarantine and international oil prices, the recomposition of global prices substantially boosted the revenues generated by the sector. Another boost came from the increase in oil production, which with a year-on-year increase of 8.8%, had the first positive variation in thirteen months.
Due to fiscal caution, assistance to the Treasury remained at moderate levels, even within the framework of the second wave, and it reduced the number of pesos in circulation by more than 20% year-on-year in real terms. However, May was the most expansionary month so far this year. The monetary base (BM) grew by 147,048 million pesos ($1.55 bn).
Metallurgical activity grew 51.8% year-on-year in April due to the low comparison base, while the production level fell 4.4% compared to the previous month. The auto parts item mainly drove the decline in monthly terms. Thus, activity improved the levels recorded between the end of 2019 and the beginning of 2020.
The Government assured that the medical cannabis and industrial hemp industry "is a huge opportunity". As Ámbito had anticipated, the opportunity is to create 10,000 new jobs and generate around 550 million dollars in business and a chain of 200 types of variety of inputs in addition to its medicinal use.