“We expect Argentina to default on its debt again sometime after the new government takes office. Until then, the country will continue to face difficulties due to capital controls and general uncertainty about policies, which would be reflected in an economic contraction,” says the rating agency S&P in its latest report on the prospects of Latin American banks.
Shares of BBVA Argentina S.A. went up 15.5%. The latest report on a conversation over the phone between President-elect Alberto Fernández and IMF Kristalina Georgieva on the repayment of the $ 56 billion stand by credit granted to Argentina may have been the reason.
Argentina has sent its first shipment of chilled pork to China, including 26 tonnes of pork cuts, according to the Agriculture Ministry in Buenos Aires. China’s pork imports rise due to a devastating outbreak of African swine fever at home that has killed millions of hog herd and discouraged many farmers from replenishing their farms.
Argentina is set to dominate Asia’s grain market for a second consecutive year in 2020, with trading companies already buying significant volumes anticipating first-quarter demand in the region as drought curbs output in traditional export powerhouse Australia. The latest estimate for Argentina’s 2019/20 wheat harvest is 18.5 million tonnes, with a surplus of around 12 million tonnes in 2019/20, trade sources said.
The political uncertainty and inflation running at nearly 51% has put up a barrier to finishing renewable energy projects in development in Argentina, like the Vecaso solar park in Mendoza as well as planned expansions in Jujuy province, already home to South America’s largest solar farm.
Between December 2015 and September 2019, the net increase in public debt in foreign currency was $ 103.8 billion and the risk capital flight was $ 93.66 billion, according to a report from the CTA Research and Training Center (Cifra- CTA).
Anticipated purchases of corn from the new campaign reached almost 13 million tons and exceeded three times the average acquisition on the same date of the last three cycles, the Rosario Stock Exchange (BCR) reported.
entina’s president-elect, Alberto Fernandez, has a “sustainable” plan to meet creditor obligations as well as maintain growth, he told the International Monetary Fund’s managing director Kristalina Georgieva. On Tuesday, Fernandez told Georgieva there was no room for more fiscal adjustment due to an “enormously complex domestic economic situation”, his office said in a statement.
The IMF hopes to see Alberto Fernández’s economic plans and it is open to discuss with the new government the “fiscal viability” of Fernández proposals and how to sustainably achieve a return to the markets.
Argentina’s textiles and apparel industry is hoping the debt-laden country’s return to a socialist Peronist government will help recover 800,000 jobs lost in the past decade when the sector shrank roughly 50 percent.