Argentina's budget proposal submitted this week is a key element in the reforms needed for a new loan package for the crisis-hit country, an International Monetary Fund spokesman said Thursday.
The Argentine stock market is booming and on Thursday confirmed its seventh day running increase as investors are flocking encouraged by an imminent accord between the president Mauricio Macri administration and the IMF for a new loan package including reforms and a balanced budget in the next 18/24 months.
Argentina's economy contracted sharply in the second quarter after a severe drought roiled agricultural production and as the country works with the International Monetary Fund to stem spiraling inflation and control government finances.
Argentina's ex-President Cristina Fernandez said on Tuesday that she never received corrupt payments and challenged investigators to scour her home region of Patagonia if they believed she had hidden cash, a day after she was indicted on graft charges.
Argentina’s central bank sold US$ 261 million in reserves on Tuesday, the monetary authority said in a statement announcing its latest intervention in the foreign exchange market aimed at easing the fall of the local currency.
An Argentine federal judge indicted former President Cristina Fernandez on Monday and asked for her arrest for allegedly heading a corruption scheme that collected bribes from business leaders in exchange for public work contracts.
Argentina's battered Peso currency inched higher and the risk of its bonds defaulting declined after the government unveiled its budget plan and the IMF said “important progress” had been made on revamping the country's standby loan agreement.
Scientists from different British universities, Argentine researchers and representatives of the organizing agencies took part this week in Buenos Aires in a seminar organized jointly by the Biotechnology and Biological Sciences Research Council (BBSRC) and the Natural Environment Research Council (NERC) from the UK, and the National Council for Scientific and Technical Research (CONICET) of Argentina.
The International Trade Union Conference, ITUC’s affiliates in Argentina, CGT, CTA-A and CTA-T have announced a general strike for 24-25 September in opposition to expected sweeping austerity measures being developed by the government and the International Monetary Fund.
Argentina's peso currency fell 3.51% on Thursday to close at a new record low of 39.9 per U.S. dollar, as market confidence ebbs away despite President Mauricio Macri's efforts to reassure investors. Dollar demand had risen on Thursday due to high liquidity sparked by an auction of treasury notes, traders said.