Manufacturing in Argentina fell 6.8% in October year on year, while construction declined 3.7%, and in the first ten months of this year 2.5% and 4.9% respectively according to the Indec statistics bureau report. Firms were hit hard by a contraction in economic activity and the devaluation of the Peso against the US dollar.1 comment
The International Monetary Fund has completed its second review of Argentina, the fund said on Monday, paving the way for the country to receive US$7.6 billion under a US$ 56.3 billion financing deal.
Venezuela which is sitting on one of the world’s largest crude oil reserves but which is suffering the worst loss of oil production in history outside of war-induced outages is getting ready to share macroeconomic data with the International Monetary Fund to avoid penalties including possible exclusion from the IMF.
After 13 hours of debate, the Argentine Senate approved the draft Public Administration Budget for 2019 early on Thursday. The project, presented by Mauricio Macri’s government, went ahead with 45 votes in favor, 24 against and just one abstention.
The Executive Board of the International Monetary Fund (IMF) completed on Friday the first review of Argentina’s economic performance under the 36-month Stand-By Arrangement (SBA) that was approved on June 20, 2018.
The International Monetary Fund has announced that Jamaican economist Trevor Alleyne will be the institution's representative in Argentina, after confirming it had decided to reopen an office in Buenos Aires, six years after leaving. The decision comes after Buenos Aires reached a deal with the IMF on the money supply, interest rates and an exchange rate framework.
The World Bank Group unveiled a new system on Thursday to rank countries based on their success in developing human capital, an effort to prod governments to invest more effectively in education and healthcare.
August data for industry was only a slightly better figure than the previous month – in July, a decline of minus 5.7% was witnessed. In June, the sharpest, most pronounced fall of the year was witnessed: 8.1%, year-on-year.
Argentina’s Peso fell on Thursday, pressured by the recession-hit country’s dismal inflation outlook and higher U.S. interest rates that have pushed capital away from riskier emerging markets and toward the greenback, local traders said. The peso shed 1.85% to close at 38.4 per dollar after having gained 9.58% over the previous three days under a freshly-renegotiated International Monetary Fund financing deal that calls for tougher fiscal and monetary policy measures.
Argentina’s peso rallied for a third straight day on Wednesday, after high-interest short-term debt issued by the central bank soaked up liquidity, a strategy that has raised concern about the sustainability of the country’s program.