Recession-hit Argentina's economy shrank by 2.1% in 2019, the state statistics institute said on Friday. The institute said the economy contracted by 0.3% in December compared to the same period in 2018.
Argentine president Alberto Fernandez and his delegation are in Germany where they arrived Sunday morning and on Monday evening will be received by Chancellor Angela Merkel.
A team from the International Monetary Fund met on Monday with opposition candidate Alberto Fernandez, the front-runner for October's presidential election, according to a spokesman for Fernandez.
Argentina could be downgraded again by Fitch Ratings if further weakness in the Peso boosts the risk of default, the agency’s head of sovereign ratings said in an interview. Argentina has issued billions of dollars worth of bonds denominated in U.S. currency.
Opposition candidate, Alberto Fernandez, said that Argentina would struggle under present conditions to repay a loan to the International Monetary Fund and he would seek to renegotiate the repayment terms, according to an interview published on Sunday by the newspaper Clarin.
Argentine Economy Minister Nicolas Dujovne resigned on Saturday, capping a week of market chaos that followed President Mauricio Macri’s stunning loss in a primary vote. Apparently, his resignation was on the table since last Tuesday.
Argentina's peso slipped further against the dollar Tuesday while the stock market partially recovered as South America's third-largest economy continued to take a pummeling in the wake of pro-business President Mauricio Macri's crushing defeat in party primaries.
The International Monetary Fund reached an agreement with Argentina that will allow release of the next US$5.4 billion disbursement under the loan program intended to help stabilize the nation’s economy.
The International Monetary Fund, IMF, admitted on Wednesday that it had underestimated the “incredibly complicated situation” of the Argentine economy and also that taming inflation had taken much longer than originally expected.
Argentina’s economic reform program is beginning to show results, so it would “foolish” for presidential candidates to abandon the program, International Monetary Fund chief Christine Lagarde said Thursday.