YPF Luz, a subsidiary of state oil company YPF, has received $100 million in credits from BNP Paribas Fortis and $50 million from the U.S. International Development Finance Corporation. Credits will be used for building the wind farm Cañadón León in the breezy southern steppes of Santa Cruz province, which is expected to generate 120 megawatts of power and create 400 jobs during its construction phase.
Uruguayan President Tabaré Vázquez said that Argentina’s Tourism Minister has committed to reviewing a 30% “tourism tax” applied when travellers from the country pay for goods and services abroad in U.S. dollars. The tax applies to all such expenses incurred when using credit cards outside of the country and has hit traditional Argentine Southern hemisphere summer holiday destinations like its smaller neighbour Uruguay.
President Alberto Fernández said he has set a March 31 deadline to renegotiate Argentina’s rampant public debt and that a more “innovative” International Monetary Fund approves of the direction his government is taking.“That is the ceiling we have set, because there are significant maturities,” Fernández said in an interview with the online news site El Cohete A La Luna.
Argentine representative Sergio Chodos takes office this week in Washington as the new director of the Southern Cone before the IMF. During meetings with Kristalina Georgieva and Luis Cubeddu, he will formally present President Alberto Fernández’ proposal for paying off $ 44 billion of the stand-by credit agreed in 2018.
Argentina ratified its decision to continue the expansion of the Aña Cuá hydroelectric dam, during a meeting between the Energy Secretary, Sergio Lanziani and the executive director of the Yaciretá Binational Entity (EBY), the former President of Paraguay Nicanor Duarte Frutos. The contracts for this work were signed at the end of October with the German company Voith, which will allow a 9% expansion of Yaciretá’s electricity generation.
The World Bank expects Argentina to emerge from recession in 2020. Its latest Global Economic Prospects report forecasts a pick up in growth to 4.3% for emerging market economies this year. However it trimmed 0.2% its global growth forecasts slightly for 2019 and 2020 due to a slower-than-expected recovery in trade and investment despite cooler trade tensions between the United States and China.
A total of 6,425 hydraulic fractures were carried out last year in the Vaca Muerta formation, a 33% increase from 4,825 in 2018, according to data provided by NCS Multistage. State-controlled YPF carried out the largest number of fractures by a huge margin with 3,034 in 2019, a 54% increase from the previous year. The 2019 level is almost double than 2016.
New York federal judge Loretta A. Preska dismissed Aurelius Capital’s $84 million lawsuit accusing the Argentine government of failing to make agreed-upon securities payouts, but gave the hedge fund a chance to amend its claims. Investors seek to prove that the country distorted growth statistics in 2013 to avoid paying the £3 billion GDP Coupon. It was not done because the country grew below 3 percent.
Winnipeg-based agri-business BrettYoung is partnering with Argentina-based Rizobacter, one of the three largest inoculant companies in the world. BrettYoung has been appointed as a distribution partner for Rizobacter branded products in Western Canada and the U.S. Northern Plains states. This means Rizobacter inoculants will now be available to soybean and pulse growers for the first time in many of these areas.
New Argentine Foreign Minister Felipe Solá travels to Mexico today to participate in the summit of the Community of Latin American and Caribbean States (Celac). Its agenda includes a meeting with its host counterpart, Marcelo Ebrad, in order to reactivate the current bilateral trade of $ 2.6 billion that continues in deficit since 2008. Argentina is the fourth Latin American supplier of Mexico and 69% of its sales are manufactured goods.