The Ministry of Productive Development launched the LIP Pymes Productive Investment Line which is already available in 21 public and private banks. These are loans with subsidised interest rates with funds from the portfolio held by Matías Kulfas, which will finance projects of up to AR$70 million ($822,683.40) per company, with a first tranche of AR$20 billion ($235.05 million).
Author: asouviron
Digital media consultant and journalist. Passionate about history.
COVID-19: 30% reduction in the frequency of international flights
The government decided to restrict international flights to and from the country because of the increase in COVID-19 infections. The measure provides for a 30% reduction in weekly frequencies arriving at Ezeiza International Airport.
Moody’s keeps a negative eye on credit in Latin America
Moody's expected that the credit outlook for Latin America will remain negative for the next "12 to 18 months" due to the COVID-19 and this will affect sovereign issuers. According to the US firm, despite the growth outlook that points to an economic revival in 2021, "increasing social pressures will hinder governments' ability to restore lost fiscal space", which will put pressure on credit quality in the region.
Port strikes keep up disruptions in Argentina
Strikes by crop inspectors and maritime workers are prolonging disruptions at grain terminals in Argentina, keeping soy traders alert even as other protests from oilseed crushers have abated. The strikes have snarled shipments, affecting powerhouse agricultural traders like Cargill Inc and Bunge Ltd and rallying markets to multi-year highs.
Central Bank limits import of luxury goods to slow outflow of dollar reserves
The central bank of Argentina on Wednesday imposed a new rule limiting the import of foreign luxury goods as part of its effort to stanch the leakage of its own international currency reserves. The new rule states that importers will have to get their financing from overseas or wait a year to pay their overseas supplier, all in an effort to slow outflow of central bank dollar reserves.
Primary deficit in 2020 reached $5.63 billion
The primary deficit of the public administration in 2020 reached AR$477.41 billion ($5.63 billion), according to the Congressional Budget Office ( OPC).The PCO report details that there was a capital inflow of AR$146.055 billion ($1.72 billion) and capital outflow of AR$419.84 billion ($4.95 billion).
Argentina aims to boost gas exports to Brazil by up to 20 mn cubic metres/day
Argentina plans to boost natural gas exports to Brazil by up to 20 million cubic metres/day, Energy Secretary Daniel Martinez said. The move is seen as key for fueling production growth from the giant Vaca Muerta shale play. The focus of the exports will be to the southern states of Paraná, Santa Catalina and Rio Grande do Sul.
Argentina’s Ripio acquires second-largest crypto exchange in Brazil
Argentina’s Ripio has acquired BitcoinTrade, the second-largest crypto exchange in Brazil, in a bid to increase its footprint across the frothy Latin American crypto market. Ripio (formerly called BitPagos) ended 2020 on a high, crossing the 1 million user milestone.
Argentina’s country risk rises to 1,417 points; investors fear economic measures
Argentina's country risk reached a maximum of 1,417 basis points, reflecting investors' fears about the behavior of the domestic economy and doubts about the international situation of the markets, traders told Reuters. They said that the financial problems faced by Argentina are compounded by fears of new confinements in Europe due to the increase in cases of COVID-19.
Biodiesel will increase 91% gradually and ethanol 56%
Argentina's Energy Secretariat said it has authorized a gradual 91% increase in biodiesel prices and 56% in the price for ethanol for oil refiners to mix into diesel and gasoline over the next few months, the first hike since October.
