The economy entered the primaries with worrying figures. First, net international reserves were very low, exceeding a negative US$9000 billion. The gap between the official and parallel exchange rates widened from the end of July, with the blue dollar rate surpassing 600 points before the elections. The cash-settled dollar also rose, while the MEP dollar rose less. The government intervened to moderate the parallel exchange rates. Economic activity was certainly weaker than in May, when it fell by more than 5%. GDP is still not at the level expected for the year, which is closer to -4%, mainly due to the effects of the drought. The official exchange rate was undervalued, and there was political will not to proceed with a devaluation, given the recessionary and inflationary effects that would occur without a program. This was the situation leading up to the primaries, which were a true black swan event.

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