The IMF is prepared to make available to Argentina between $1.5 billion and $1.75 billion to deal with the global economic crisis triggered by Coronavirus. The Fund could release more money for the country in the face of the crisis, through Special Drawing Rights (SDRs) maintained by the agency, which allows it to double the allowed amount. It would be between $3 billion and $3.5 billion.
The unemployment rate reached 8.9% in the last quarter of 2019, 0.2 percentage points below the same period in 2018, with a slight increase in informal employment. According to the National Institute of Statistics and Censuses, this drop in the unemployment rate occurred even though the Gross Domestic Product shrank by 2.2% last year, with significant declines in manufacturing production, construction and trade.
The Ministry of Economy managed to capture from the local market almost 14 billion pesos ($218 mn) in the framework of a tender for two short-term public debt instruments. These are two bills in pesos maturing in July and August. The Treasury paid rates of up to 35.1% annually.
The leading S&P Merval index of Argentine stock exchanges and markets (BYMA) fell by 3.2% to 25,484 units by intraday profit-taking. Argentine sovereign bonds consolidated their improvement and climbed to more than 10%, in line with the rise in external markets. Argentine country risk, as measured by JP. Morgan, fell 103 units 4,143 basis points, after reaching levels of 4,519 on Monday.
The U.S. benchmark price WTI fell 7.7% to $22.6 per barrel, while in London Brent lost 3.8% to $26.34 per barrel. The cost of crude oil fell sharply again on Thursday in New York after three consecutive days of rising, as U.S. unemployment data presaged a sharp drop in demand.