The Argentine government announced that this week it will honor payments of some US$ 850 million, which correspond to two different sovereign bonds, one of them a century maturing bond issued in 2017 during the administration of ex-president Mauricio Macri.
A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis, the World Bank warned on Thursday.
The International Monetary Fund on Thursday approved a delayed loan tranche for Ecuador, releasing nearly US$500 million under a three-year aid program. The IMF board gave the go-ahead for a US$4.2 billion loan in March to help support the oil-rich nation's economic reforms, but massive protests led by indigenous groups erupted in October when President Lenin Moreno scrapped fuel subsidies, causing gasoline prices to soar.
Argentina's president-elect Alberto Fernandez said on Tuesday he would renounce the remaining US$11 billion tranches of the country's International Monetary Fund loan as soon as he takes office next month.
Argentina has been facing significant financial issues in the last decade, and Uruguay wealth management teams are poised to take advantage.
The International Monetary Fund will stand by Argentina as it works through its economic crisis, Managing Director Kristalina Georgieva said on Thursday. She added that the Fund was waiting to see the future policy framework adopted by Argentina, which holds an election later this month in which a change of government is widely predicted.
China's economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed on Friday.
Brazil’s Economy Minister Paulo Guedes has canceled a trip to the International Monetary Fund’s annual meeting (IMF) in Washington, to deal with his economic agenda, the ministry said on Wednesday, as the government’s pension reform plan winds its way through Congress.
Total foreign debt held by developing nations jumped more than 5% to US$7.8 trillion, driven by a surge in Chinese debt, the World Bank said in a report on Wednesday.
By Kenneth Rogoff (*) - It’s high time to ask how to refocus the International Monetary Fund’s mandate for dealing with emerging-market debt crises. How can the IMF be effective in helping countries regain access to private credit markets when any attempt to close unsustainable budget deficits is labeled austerity?