News of economy

Poverty affected 28.1% of portenos in Q3 2024

Today 14:40 Nearly 900,000 porteños were considered poor in the third quarter of 2024, according to City Hall statistics bureau.

International Monetary Fund

IMF publishes grim evaluation of Argentina’s US$44-billion deal

12-01-2025 08:55 Ex-post evaluation paints a grim picture of Argentina’s latest IMF programme that began in March 2022. Staff detailed reckless policy decisions by the government of former president Alberto Fernández that derailed the programme and economy in the run-up to the 2023 presidential election.

Analysing Argentina

Main Street and Milei Street

11-01-2025 06:26 any process of economic transformation, like the one President Javier Milei is trying to implement, will have winners and losers.

by Marcelo J. García

SPENDING CUTS

Scientists warn Milei wants to 'deepen' cuts, slash state research

10-01-2025 14:51 Scientists and academics warn the Milei administration wants to cut research funding across social and environmental sciences.

Hidrovía Paraná-Paraguay

Paraná-Paraguay waterway a focal point for global security policy

10-01-2025 13:44 Ongoing tussle involving major dredging companies seeking to participate in Milei government's tender. Hidrovía Paraná-Paraguay is a naval highway for the trafficking of illicit drugs to the rest of the world.

Analysis

Midterm elections set limit on Milei’s search for spending cuts

10-01-2025 13:26 Spending cuts in 2024 reached some five percent of Argentina's GDP. Is there room to repeat this feat?

BEYOND THE HEADLINES

Is appreciation appreciated?

09-01-2025 19:37 Currency appreciation has been a central factor in giving Milei a dream spring – let us see if that same factor impelling several million Argentines to vacation abroad this summer sends the balance of payments wheel spinning in the opposite direction.

by Michael Soltys

ECONOMIC FORECASTS

Central Bank poll predicts 2025 inflation rate of 25.9%

09-01-2025 14:22 Projections for last year’s inflation rate dips to 117.8% in Central Bank’s market expectations survey.

ECONOMIC INDICATORS

City inflation accelerated slightly to 3.3% last month

09-01-2025 13:50 Consumer prices rose 3.3% last month due to increases in services; City Hall data shows that inflation over the last 12 months totalled 136.7% in 2024.

WHERE'S THE GOLD?

Argentina refuses to disclose location of Central Bank’s gold

09-01-2025 13:13 Lawyers representing Argentina in a New York court have refused to reveal the location of the Central Bank’s (BCRA) gold reserves.

BONDS & MARKETS

Milei celebrates as Argentina pays US$4.3B to bondholders

09-01-2025 13:07 "Debts must be paid," declares President Javier Milei as Treasury makes first due bond repayments of 2025, amounting to US$4.341 billion in principal and interest.

DEBT REPAYMENTS

Official says country made payments on sovereign debt

09-01-2025 11:38 Finance Secretary Pablo Quirno said on a post on X Thursday morning that Argentina's government has made debt payments to international bondholders.

POLITICS & MEDIA

Despite ‘no pauta’ rule, Milei finds other ways to reward or punish the media

08-01-2025 15:56 The Milei administration cut state advertising as part of its austerity plan, but quietly, other state bodies and firms continue to distribute cash without transparency.

GLOBAL LITHIUM TRADE

Stubbornly resilient lithium supply remains hurdle to recovery

08-01-2025 10:06 Lithium prices have plunged since late 2022 on oversupply and slower-than-expected growth in electric vehicle demand. Analysts see a surplus this year, although they forecast it will be smaller than in 2024.

AGRICULTURE & ECONOMY

La Niña effects surprise Argentine farmers as dryness kicks in

07-01-2025 16:55 La Niña wreaked havoc on Argentina’s farms just two years ago. Now, a long bout of dry weather is emerging again.

LATIN AMERICA

Between Milei and Lula, Paraguay finance chief eyes austere path

07-01-2025 12:32 Paraguay Finance Minister Carlos Fernández argues sustainable fiscal policy matters in a region exposed to international crisis.

EU-MERCOSUR TRADE DEAL

EU-Mercosur free-trade deal 'not concluded,' says Macron

06-01-2025 16:38 French President Emmanuel Macron declares that the controversial free-trade agreement between the European Union and the Mercosur bloc is "not concluded."

ECONOMIC INDICATORS

Argentina's country risk rating falls to lowest level since 2018

06-01-2025 15:21 Argentina’s country risk rating falls to lowest level since August 2018.

REPURCHASE AGREEMENT

Milei scores win with US$1-billion repo from five top banks

05-01-2025 09:47 Milei administration announces US$1-billion repurchase agreement with five international lenders that will help replenish foreign reserves at its Central Bank.

SOCIETY

Expert reports say poverty rate has fallen to 36.8%

04-01-2025 15:11 Experts warn of structural poverty risks as two reports tracking indices say the number of Argentines considered poor fell significantly in the last quarter of 2024.

Analysing Argentina

May you live in happy times, Mr President

04-01-2025 07:54 Much of this success hinges on the Pax at the exchange rate market. Prices in Argentina dance to the tune of one price: that of the US dollar.

by Marcelo J. García

Editorial

The year ahead

04-01-2025 06:24 An electoral year already anticipated well in advance offers no clearer horizons now that it has started.

ECONOMIC OUTLOOK

Caputo already has the dollars he need to meet this year’s debt deadlines

03-01-2025 13:32 Argentina’s Treasury took advantage of the fiscal surplus to buy the necessary hard currency.

LIONEL'S WEALTH

US$232 million – Lionel Messi reveals his real-estate assets

31-12-2024 08:49 Lionel Messi has carried out a listing of his real-estate properties, valuing the portfolio at 223 million euros (US$232 million).

IMF DEBT PROGRAMME

IMF to review US$44-billion loan in key step toward new deal

30-12-2024 17:31 International Monetary Fund’s executive board will review Argentina’s current US$44-billion aid programme next month, a crucial step as President Javier Milei negotiates for a new loan.

BUDGET PROPOSAL

Milei extends 2023 Budget for second year running

30-12-2024 15:46 President Javier Milei announces that Argentina's Budget for next year will be an extension of the current one – itself a rollover from 2023.

end-of-year editorial

So long to 2024... and welcome to 2025

28-12-2024 16:41 The Milei presidency begins this year riding the crest of a wave but neither the rest of the world nor the existence of black swans can be ignored and nor is the economy the only issue.

CENTRAL BANK RESERVES

Argentina spent US$803 million this week on importer dollar demand

27-12-2024 18:42 Central Bank’s operations risk denting Milei's government’s efforts to replenish its treasure chest of reserves

CENTRAL BANK RESERVES

Argentina sells most FX reserves since 2019 on importer demand

26-12-2024 19:14 Central Bank sells most foreign reserves in one day since October 2019 after officials eliminate PAIS tax on imports, igniting corporate demand for dollars.

ECONOMIC INDICATORS

Economy expanded faster than expected in October

24-12-2024 06:52 Argentina’s economy expanded more than expected in October, according to official data.

WAR ON THE STATE

Milei’s ‘chainsaw’ cut nearly 35,000 public-sector jobs in 2024

21-12-2024 05:07 Report by the Deregulation & State Transformation Ministry, headed by Milei ally Federico Sturzenegger, details 34,280 dismissals or contract terminations between December 2023 and October 2024, shrinking the state payroll by seven percent.

IMF NEGOTIATIONS OVER NEW DEAL

IMF: Formal talks over new deal with Argentina have begun

19-12-2024 21:09 The International Monetary Fund and Argentina have formally begun negotiations over a new loan agreement as the current programme draws to a close.

ANALYSIS: SHOCK THERAPY

Argentina takes steps to speed up Milei’s dollarisation strategy

19-12-2024 15:38 Argentina’s government is working with major banks and payment firms to advance Javier Milei’s dollarisation strategy.

AGRICULTURE & ECONOMY

Distressed fund wins key role in bankruptcy case of soy exporter Vicentin

19-12-2024 15:03 Esteban Nofal, who runs Cima Investments SA, has swept up almost 35% of Vicentin’s US$1.3 billion of unsecured debt from a group of global banks for just 11 cents on the dollar.

ENERGY & GAS

Shell signs accord with Argentina’s YPF to develop LNG plant

19-12-2024 14:57 Shell Plc has signed an agreement with Argentina’s state-run energy company YPF SA to work on a plan to export liquefied natural gas.

NEW IMF PROGRAMME

IMF in talks with Argentina on loan to succeed US$44-billion deal

19-12-2024 14:13 International Monetary Fund confirms it has formally opened talks with President Javier Milei's government over a new loan programme to replace its existing US$44-billion deal.

ECONOMIC POLICY

Milei, Caputo increasing bullish as they outline new IMF deal timeline

19-12-2024 09:50 Argentina eyes fresh accord with the International Monetary Fund in the first third of next year, with President Milei confident of strong support, both at the Fund and on trade, from incoming US president Donald Trump.

TURBULENCE IN BRAZIL

Brazil market rout risks a crisis as Lula resists austerity push

19-12-2024 08:25 As the currency craters in Brazil, thrusting the country’s markets into the international spotlight for the first time in years, a grim reality is setting in for top economic aides to President Luiz Inácio Lula da Silva. They are, they fear, powerless to do much to stop the panic.

BUSINESS & INVESTMENT

Creditors agree to restructuring for Argentina’s Clisa

18-12-2024 14:34 Creditors agree to debt rework with Clisa, holding company behind Buenos Aires metro company operators.

BUSINESS & INVESTMENT

Argentina’s Aconcagua eyes global bond market, foray into shale

17-12-2024 15:23 Oil driller Petrolera Aconcagua Energia SA is looking to sell an international bond, swooping into an opening for Argentine energy corporates that’s materialised with President Javier Milei’s free-market reforms.

End of the recession?

Economy rebounded in Q3 but activity remains below 2023 levels

17-12-2024 10:12 Argentina’s economy grew by 3.9% in the third quarter compared to the previous months, but fell 2.1% year-on-year. Recovery marked by uneven performance across sectors.

ECONOMIC INDICATORS

Argentina exited recession as Milei eyes growth before midterms

16-12-2024 21:22 Argentina emerged from a brutal recession in the third quarter; Gross domestic product expanded 3.9% from July to September compared to the previous three-month period, better than analysts’ expectations.

MONETARY POLICY

Argentina weighs managed exchange rate once it lifts currency controls

16-12-2024 19:44 President Javier Milei's government is weighing whether to introduce a managed exchange rate regime — a “dirty float” — once it lifts its current foreign exchange controls in 2025.

Foreign policy & diplomacy

Criticism as Italy fast-tracks citizenship for President, Karina Milei

14-12-2024 08:24 President Javier Milei, in Italy on an overseas visit, and his sister Karina Milei have been granted fast-tracked citizenship by the Italian government, sparking anger among government critics.

MILEI AWAITS TRUMP

IMF moves goal-posts for Argentina – no definitions until April

13-12-2024 15:25 The International Monetary Fund has presented Javier Milei with two conditions which must be met before any further remittance beyond the US$44.5 billion loaned to Mauricio Macri – obtain Congress endorsement for taking on new debt and making structural changes.

by Carlos Burgueño

lithium mining

Rio Tinto to invest US$2.5 billion in lithium production

13-12-2024 13:24 Anglo-Australian mining giant announces US$2.5-billion investment in Rincón project in Salta Province, with chief executive praising Milei’s reforms and RIGI scheme.

HEALTH & ECONOMY

Government: Prepaid health schemes face probe for alleged ‘cartel practices’

12-12-2024 18:48 Following investigation into co-ordinated fee increases between last December and last April, Presidential Spokesperson Manuel Adorni states CNDC anti-monopoly watchdog has initiated summary proceedings against several prepaid health schemes and former chamber president Claudio Belocopitt.

ANALYSIS: SHOCK THERAPY

Argentines no longer love the dollar, thanks to Milei

12-12-2024 16:07 Argentines have preferred the US dollar over the Argentine peso for decades – Milei may have achieved what once looked unachievable.

BUSINESS & FINANCE

JPMorgan plans to hire 1,500 workers for global hub in Argentina

12-12-2024 15:27 JPMorgan Chase & Co plans to add 1,500 workers to its Buenos Aires corporate center over the next five years. Argentina’s skilled workforce, English language proficiency and alignment with US time zones help make it a strategic hub.