Argentina's peso hit an all-time low on Monday as Latin American currencies sank amid a broader sell-off in emerging markets that have been rattled by the Turkish lira's plunge.4 comments
Nicolas Maduro's days as president of crisis-ravaged Venezuela are numbered, his outgoing Colombian counterpart Juan Manuel Santos told the French government news agency.“I can see it happening in the near future,” said Santos, pointing to the International Monetary Fund's latest projection that Venezuela's inflation will hit one million percent this year.
The IMF urged that trade conflicts be resolved via international cooperation, without resorting to exceptional measures, and underlined the world economy is facing increasing risks especially financial pressures in vulnerable emerging economies and the return of sovereign risks in parts of the Euro area.
Global trade conflicts triggered by the protectionist policies of US President Donald Trump are set to dominate this weekend's meeting of Group of 20 finance ministers in Buenos Aires.
Argentina’s economy will return to growth in 2019, President Mauricio Macri said on Wednesday, following a year marked by higher-than-expected inflation and a run on the Peso currency that many economists anticipate will lead to a recession.
On a residential street corner in Buenos Aires, Van Koning Market sells imported beers to the city’s well-heeled. Since it opened in June last year costs have soared. The peso has plummeted, meaning wholesale prices have shot up. Inflation is running at 26%; the reduction of government subsidies means the monthly electricity bill has risen from 700 pesos to 4,000 pesos (US$ 142).
Argentina will allow fuel retailers to freely set pump prices starting in August, according to an Energy Ministry official familiar with the plan, a move that could encourage badly needed investment in the nation's oil patch but risks worsening sky-high inflation and angering consumers.
The Executive Board of the International Monetary Fund (IMF) approved on Wednesday a three-year Stand-By Arrangement (SBA) for Argentina amounting to US$50 billion (equivalent to SDR 35.379 billion, or about 1,110 percent of Argentina’s quota in the IMF).
The Argentine authorities and IMF staff have reached an agreement on a 36-month Stand-By Arrangement (SBA) amounting to US$50 billion (equivalent to about SDR 35.379 billion or about 1,110% of Argentina’s quota in the IMF). This staff-level agreement will be subject to approval by the IMF’s Executive Board, which will consider Argentina’s economic plan in the coming days.
The International Monetary Fund said on Monday that talks with Argentine authorities for financial support are well advanced and the plan is driven by Argentina priorities with a particular focus on protecting the most vulnerable.