The agro-exporter diverted some $800 million from the sale of 16% of Renova’s capital stock, the entire Friar meatpacking plant, and the income from exports, which Vincentin sold through third parties when it was already in insolvency proceedings. Meanwhile, Dutch banks, Rabobank, ING and FMO, agree on the accusation of deviation of funds, in this case before the default. The international banks are following in the footsteps of some $400 million that would have disappeared from the firm’s coffers. The Dutch media let know that the default of the agro-exporter will incur in less credit for the pre-financing of exports from Argentina.
The Government presented an investment plan of more than 12,781 million pesos ($171.2 mn) to strengthen family agriculture. Eighty per cent of these investments will finance with funding from multilateral organizations. The plan aims to improve a sector that produces 62% of the food consumed by Argentines and accounts for 54% of the country’s rural work.
The WTI oil barrel for October sank 7.8% to close at $36.76, the lowest figure since June 12. The Brent -a reference for Argentina- lost 6.3% to $39.78, also dragged down by fears over the level of oil demand.
The production of the chemical and petrochemical sector increased 25%, local sales 8% and exports 51% last July, according to the Chamber of the Chemical and Petrochemical Industry (CIQyP). Total sales (local market + exports) of the products reached $1.72 billion as of July.
The public investment executed in the first semester was 96.66 billion pesos ($1.29 bn) and fell 19.5% in real terms concerning January-June 2019, informed the Congressional Budget Office (OPC). Both Real Direct Investment and Capital Transfers, which are the items that make up public investment, registered declines in the comparison of the year-on-year execution, of 37% and 3.9%, respectively.