Argentina’s Paraná River drops to 77-year low, resulting in economic loss and wildfires

Paraná’s water level is the lowest since 1944, the result of a prolonged drought upriver, in southern Brazil. Amidst the drought, ships travelling on the Paraná have been forced to reduce their soy, corn and wheat cargo by 25%, with larger cuts looming. In July, the Argentine government announced a $10.4 million relief fund to offset these economic losses. Government officials have advised citizens to “save water,” and capture rain for home and commercial use. Within these dry conditions, officials are also urging people to stop burning waste or igniting fires to provide pasture. As the Paraná shrinks, thousands of wildfires have raged in the last two years, lighting skies with an eerie orange hue visible from rural farmlands as well as urban luxury apartments. 

Argentina launches employment program for young people

The Argentine government Monday launched a training program for young people, aiming to give them equal access to jobs in the software and related sectors. The program plans to train 60,000 young people by the end of the year. Various industries of the knowledge economy, such as software and computer systems, video games, audiovisual production and post-production, directly and indirectly employ 450,000 people and have the potential to create another 100,000 jobs, said the Government.

Foreign trade in May leaves a surplus of $2.36 bn

In May, the Central Bank recorded a foreign trade cash surplus of $2.36 billion, some $742 million more than what was reported last week by the National Institute of Statistics and Census (INDEC) based on Customs declarations. The data show the substantial improvement recorded by trade due to the increase in soybean prices and an advance in the rate of foreign currency liquidation by exporters.

Dollar debt: payments for more than $700 million prepared for July

In July, more than $700 million will be due between bonds and cancellations of bilateral and multilateral loans, according to data from the Ministry of Economy. Argentina will pay the 2020 swap bonds, the first instalment to the Paris Club and other international credits. Foreign currency commitments for $6.5 billion are pending this year, most of them with the IMF.