A technical mission from the International Monetary Fund (IMF), led by Bikas Joshi, is due in Buenos Aires on Tuesday to conduct the first review of Argentina's new economic program. The proceedings were initially set for June 15 but postponed to allow more time for the Libertarian Government of President Javier Milei to meet reserve targets.
Add your comment!Argentina's Consumer Price Index (CPI) recorded a 1.5% increase last month, the National Institute of Statistics and Census (Indec) announced Thursday. It was the lowest monthly inflation rate since May 2020 and closer to 1.4% from November 2017.
Economy Minister Luis' Toto' Caputo announced Wednesday that the Argentine government will eliminate export duties on 88% of industrial products, affecting 4,411 items and benefiting 3,580 businesses (nearly 40% of exporters).
The Argentine government announced today a sweeping overhaul of its foreign exchange regime, set to take effect on Monday, including the end of currency controls and the introduction of a managed float within a fixed exchange rate band. The move marks the beginning of what authorities are calling “Phase 3” of their economic program.
Argentina's Deregulation Minister Federico Sturzenegger met Sunday in AlUla, Saudi Arabia, with International Monetary Fund (IMF) Managing Director Kristalina Georgieva. They were both attending the Conference for Emerging Market Economies.
Argentina's Economy Minister Luis 'Toto' Caputo insisted Tuesday that the US dollar was not lagging against the peso and also mentioned that a new deal with the Monetary Fund (IMF) was just details away from being finalized. He made those remarks and negative results hit the local stock markets, and the country-risk index regained its upward trend following President Javier Milei's statements that a devaluation was not in sight and that the government did not intend to modify the current pensions law.
Argentina's Economy Minister Luis Toto Caputo and his Brazilian Energy Counterpart Alexandre Silveira signed Monday on the sidelines of the G20 Summit in Rio de Janeiro an agreement whereby gas from Vaca Muerta will be pumped starting next year, reaching 30 million cubic meters per day as from 2030, which is the same volume that South America's largest country used to buy from Bolivia.
On Thursday, Argentina's Economy Ministry announced that it would suppress bureaucratic hindrances to importing key industry inputs such as steel, aluminum, and construction materials to encourage competition and lower costs. The measure also comes with a reduction in PAIS tax on purchases abroad to further tackle inflation. Representatives of the local steel industry expressed their objections and denounced that relevant safety measures were being disregarded.
The credit rating agency Fitch outlined Wednesday the possible consequences of Argentina's latest measures, which would aggravate the uncertainty about the South American country's reserves, particularly after some of its gold was shipped abroad, in addition to other financial gambits that would allow for the creation of banking pesos that would jeopardize a return to global capital markets.
Local and international markets alike did not react well Monday after Argentine Economy Minister Luis 'Toto' Caputo and Central Bank (BCRA) CEO Santiago Bausili tried to explain the Libertarian administration's next steps to stabilize the economy of South America's second-largest country.