The government announced that the Progresar scholarships will have an investment of 27 billion pesos ($297.71 mn) in 2021 and will seek to benefit 750,000 students at all levels of education. The scholarships for young people to finish their studies will increase in their amounts ranging from 40 to more than 163%, while two instalments will be added, thus reaching 12 payments in the year.
The drought affecting soybeans is complicating growth projections for Argentina's foreign exchange earnings. According to the Government, Argentina could lose at least 4 million tonnes of the crop due to the lack of rain. It represents a drop in income of just over $2.1 billion, taking into account a FOB value of $532. If it does not rain in the coming weeks, the drop in production could be worse.
Edenor reported yesterday that it recorded losses of 17.69 billion pesos ($198.08 mn) in 2020. It argued that the lack of adjustment in electricity price caused its revenues to fall by 25% in real terms. The Ente Regulador de Electricidad prevents the two distributors in the metropolitan area (Edenor and Edesur) from cutting off electricity service to users with accumulated debts during the pandemic.
The industry's level of capacity utilisation was 57.2% in January, 1.1 percentage points above the same month in 2020 and the third consecutive year-on-year increase. It was also the best January in the last three years.
Mass consumption fell by 13.2% year-on-year in February, marking its ninth consecutive month of contraction and accumulating a contraction of 8.1% in the first two months of the year. Food and beverages were the most affected items due to the loss of purchasing power due to the rise in prices of the basic food basket.
Mercado Libre launches a programme for the regeneration and conservation of biomass in Latin America with an initial investment of eight million dollars. Growing in harmony with the environment is one of the central pillars guiding Mercado Libre's vision in the region, and with this purpose, the "Regenera América" programme was born to help tackle climate change.