Buenos Aires province has started talks with more than 10 groups and individual creditors as officials seek their blessing on a plan to delay a $250 million payment due this month. Owners of at least 75% of the securities must accept the proposal by Jan. 22 in order to change the terms of the notes, according to a filing.
Argentine government reduced the fiscal deficit by about ARG$ 67 billion ($1.12 billion) through a reallocation of budget items that allows a decrease in capital expenditures. The Argentine Budget Association (ASAP) estimated that the current revenues decreased by ARG$1.2 billion, as Fabricaciones Militares (Army factories) were transformed into a State Society, and at the same time consumption expenses were reduced by ARG$1.77 billion.
The United States will present today in Paris its support for Brazil to join the Organization for Economic Cooperation and Development (OECD), relegating a position that Argentina expected, Washington sources confirmed to the newspaper La Nación. In October, Secretary of State Mike Pompeo had sent a letter to the OECD Secretary General, Angel Gurria, in which he suggested Argentina and Romania as candidates.
The utilisation of installed capacity in the industry fell in November last year to 60%, from 63% in the same month of 2018, reported the National Institute of Statistics and Census (Indec). The fall was related to the 4.5% year-on-year decline in manufacturing activity.
YPF Luz, a subsidiary of state oil company YPF, has received $100 million in credits from BNP Paribas Fortis and $50 million from the U.S. International Development Finance Corporation. Credits will be used for building the wind farm Cañadón León in the breezy southern steppes of Santa Cruz province, which is expected to generate 120 megawatts of power and create 400 jobs during its construction phase.