Argentine SMEs fear a wave of sackings in the coming days due to President Javier Milei's policies which may have been somewhat successful at curbing inflation but at a cost. The Industriales Pymes Argentinos (IPA) chamber released a report saying that some 17,000 jobs had been lost since Milei took office on Dec. 10, 2023, and further suspensions and layoffs appear on May's radar.
Add your comment!Argentina's Central Bank (BCRA) this week lowered the benchmark interest rate by another 10 percentage points to 60% annually, it was reported in Buenos Aires. It was the fourth such cut since Javier Milei took office on December 10, 2023, when the rate stood at 133%. BCRA announces that as of 04-25-2024, the rate for 1-business-day maturity passive operations will be 60%, it said in a statement. It was also the second 10-point cut in April alone.
Add your comment!Brazilian authorities announced this week that new measures will be in force concerning the import of steel products. In a move to discourage such practices, goods exceeding the quota of 11 items will be charged higher taxes, Agencia Brasil reported. In other words, if the maximum volume is exceeded, the import duty, currently ranging between 9% and 14.4%, will reach 25%, the Chamber of Foreign Commerce explained. The initiative seeks to prevent unfair competition with domestic steel.
Add your comment!Argentine President Javier Milei Monday highlighted his administration's performance bringing about a financial surplus worth AR$ 276.638 billion (US$ 276.638 million), which constituted a “historical feat.” He also said this achievement of three consecutive surplus-yielding months -something unheard of since 2008- was possible thanks to his administration's “chainsaw” policies cutting State expenditures. Argentina's economic performance fell well within the goals agreed upon with the International Monetary Fund (IMF).
4 commentsArgentine President Javier Milei is to speak on national TV on Monday announcing the achievements of his economic plan. According to Buenos Aires media citing Casa Rosada sources, alongside Milei will be Economy Minister Luis 'Toto' Caputo, Finance Secretary Pablo Quirno, and Central Bank (BCRA) President Santiago Bausili.
Add your comment!Argentina's 2024 exports of soybean, corn, wheat, sunflower, and barley have been projected to reach barely US$ 29.3 billion, which would represent a US$ 5.7 billion recovery from 2023 but a US$ 1.7 billion slump compared to the last five years' average, the Grain Stock Exchange in Rosario (BCR) announced in its latest Guía Estratégica para el Agro (GEA) report. The new figures represent an 18% downward revision from December's calculations.
Add your comment!Argentine President Javier Milei Friday told a group of businesspeople attending the Llao Llao Forum in Bariloche that he did not believe in a “dirigist” economy in which the State would be involved in every step along the productive process. He also insisted his administration was “creating the conditions for Argentina to grow again” from “the worst crises in history.”
Add your comment!During his trip to Washington DC to attend International Monetary Fund (IMF) and World Bank (WB) engagements, Brazil's Finance Minister Fernando Haddad said he hoped the G-20 would approve later this year a new taxation for the planet's super-rich so that the global economy could adjust amid an unprecedented debt crisis, Agencia Brasil reported.
2 commentsArgentina's Economy Minister Luis 'Toto' Caputo insisted Wednesday in Washington DC during his participation at the International Monetary Fund's (IMF) Spring Meeting that his country would be achieving a one-digit inflation rate shortly.
Add your comment!According to the World Economic Outlook released Tuesday by the International Monetary Fund (IMF), Argentina's inflation in 2024 is expected to reach 149.4%. The study also forecasted that the country's economy would fall by 2.8% this year only to bounce back in 2025 by 5%. The Consumer Price Index (CPI) would be dropping to 45%.