
While the International Monetary Fund said it hopes Argentina will normalize relations with the multilateral institution, the Argentine Foreign Affairs minister Hector Timerman described the IMF as “non prestigious organization”.

Brazil forecasts a record crop of cereals and oilseeds totalling 148.9 million tons, the largest ever, according to the latest release from the Brazilian Geography and Statistics Institute, IBGE.

The IMF expects the Uruguayan economy to expand strongly this year, 8.5% and 5% in 2011 in a world framework which is experiencing the slow consolidation of recovery but still highly vulnerable.

Uruguay is optimistic about taking a share of the tariff free 20.000 tons of the feed-lot beef quota which the European Union establishes annually. The dossier with all the requested information has been sent to the EU and if finally approved would further boost the Uruguayan cattle and meat industries which are experiencing one of its best moments in history.

Latin America is exiting from the global financial crisis faster than anticipated, and should use the opportunity to boost fiscal savings that can slow inflation and prevent overheating, the IMF said Wednesday.

Chilean state owned oil and gas company Empresa Nacional del Petroleo SA, Enap, discovered a new natural-gas well on the Arenal exploration block on the Tierra del Fuego island in the extreme south Magallanes region, the company said Wednesday.

China's imported auto market continues to flourish with sales of 460,000 in the first seven months of this year. It represents a growth rate of 150% compared with the same period of last year.

Chilean bottled wine exports soared 33.3% and 25.8% during August in volume and value helping to reach the 1.5 billion US dollars and 749 million litres in the last twelve months, with 18.9% and 11.2% increases in volume and value according to the latest release from Vinos de Chile.

The International Monetary Fund warned of considerably high price index inflation and seemed sceptic of official GDP growth reports in Argentina as it presented its World Economic Outlook report, although it forecast a 7.5 percent growth, with a strong expansion partly due to the favourable global scenery and a strong trade with Brazil.

“Argentina seeks to service all its debts” said President Cristina Fernández de Kirchner following a meeting with German Chancellor Angela Merkel at the chancellery in Berlin. Mrs. Kirchner is on a three day high profile visit to Germany where she also met with President Christian Wulff in Berlin’s Bellevue Palace.