Sovereign bonds recover from IMF blow, up 1.1% and 3.1% on Friday

Argentina’s sovereign bonds edged up on Friday after a tumultuous week following the IMF technical mission saying the country would need major debt restructuring amid concerns about default. Local over-the-counter bonds rose an average 1.1%, trimming losses for the week to just 0.5%. A dollar ‘Par’ bond was one of the top performers, up 3.1%. Argentina’s country risk index eased 37 units to 2,055 basis points from almost 2,600 points September.

Goldwind’s Loma Blanca 2 wind farm entered service in Patagonia

Loma Blanca 2 project, part of the total 250MW four-part Loma Blanca complex in Argentina’s Chubut province, is now running and connected to the grid, said Xinjiang Goldwind Science & Technology (HKG:2208). The Chinese wind turbine company began work on Loma Blanca and the 98MW Miramar project, Buenos Aires province, in 2018 with compatriot EPC group Power China after acquiring the wind farms under China’s ‘Belt and Road’ global infrastructure strategy.

Indec reports $1.02 billion trade balance surplus in January

Argentina National Institute of Statistics and Census (Indec) reported a trade surplus of $1.02 billion in January, from a surplus of $373 million a year earlier. Exports declined slightly to $4.55 billion in the month from $4.59 billion a year earlier, while imports fell to $3.53 billion from $4.21 billion in the same period. Trade (exports plus imports) decreased 8.% in relation to the same period of the previous year at $8.1 billion.

IMF, Argentina agree on Article IV review paving the way to new debt deal

Argentina Economy Minister Martín Guzmán and IMF Managing Director Kristalina Georgieva agreed to start Article IV consultations, during conversations on the sidelines of the G20 meeting in Riyadh, Saudi Arabia on Saturday. The Article IV review might pave the way to changing the terms of the IMF $56bn stand-by loan for a new program. Guzmán is travelling to Washington today to hold further meetings with IMF staff.

Argentina’s economy shrank 2.1% in 2019 following 2.5% in 2018, Indec

Argentina's recession-hit economy shrank by 2.1% in 2019, the INDEC national statistics bureau said. The economy contracted by 0.3% in December compared to the same period in 2018. The hardest-hit sectors that month were financial services (-10%), and construction (-8%). On the other hand, the fishing industry grew by 13.5%. GDP had already dropped by 2.5% in 2018.