Economy minister Sergio Massa announced Monday morning that Argentina will meet its July dues to the International Monetary Fund (IMF) by extending its currency swap with China and using a loan from the Development Bank of Latin America. Earlier on Friday, the IMF and Argentina reached a staff-level agreement granting the country access to a US$7.5 billion disbursement in the second half of August. The country has to pay the IMF US$2.7 billion after postponing all three of its July payments to the last day of the month. “The loan from the IMF is probably the worst inheritance from the previous government. According to the minister, that loan “ended up being a program that just financed capital flight in 2018, but Argentina must pay it to be a sovereign country again.”

The Development Bank of Latin America (CAF, its Spanish acronym) approved a short-term US$1 billion loan for Argentina Friday night, which the country will use to pay part of its upcoming maturities with the International Monetary Fund (IMF). Earlier that day, the IMF and Argentina reached a staff-level agreement granting the country access to a US$7.5 billion disbursement in the second half of August. Consulting firms chime in on the IMF-Argentina dealOn Friday, the IMF announced that the fifth and the sixth reviews of the program implementation were approved simultaneously. According to consulting firms in Argentina, the approval means that the IMF supported some of the policies implemented by the country. The blue-chip swap rate is the implicit exchange rate obtained by investors who buy shares or bonds in pesos and sell them in dollars on the international market.

Nicolas Petro, son of Colombian President Gustavo Petro, has been arrested as part of an investigation into money laundering and illicit enrichment, the attorney general’s office said early on Saturday. Also arrested on money laundering and personal data violation accusations was Nicolas’ ex-wife Daysuris del Carmen Vasquez, who earlier this year told local media two people accused of involvement with drug trafficking had given Nicolas money for his father’s campaign. May these occurrences forge his character and may he reflect about his own errors,” the president said. The attorney general’s office will request a judge that the younger Petro and Vasquez be held on the charges, it said. “Charges will be formulated for the aforementioned crimes and liberty restriction measures will be requested,” the attorney general’s office said in a statement, adding the arrests took place at 6 a.m. local time (1100 GMT).

Argentina signed the Artemis Accords on Thursday evening following a meeting between President Alberto Fernández and Administrator Bill Nelson from the U.S. National Aeronautics and Space Administration (NASA) at the Casa Rosada. NASA has collaborated with Argentina on previous projects, including a satellite project to study how ocean water with more salt sinks and creates currents. “Argentina certainly has the technological base and scientific know-how for this to be a cooperative adventure in the future,” Nelson said. I’m not going to say.”He is on a trip to Argentina, Brazil, and Colombia to meet with the countries’ presidents. The trip also seeks to further NASA’s satellite projects aimed at tackling climate change and the challenges it causes.

The Subway and Premetro Workers Union Association (AGTSyP-Metrodelegadxs) will hold a three-hour strike this Wednesday across all subway lines and the Premetro, from 1 to 4 p.m., demanding a reduction in working hours to reduce exposure to asbestos, a carcinogenic mineral present in subway cars. The union is demanding its work day be reduced from 36 to 30 hours a week to reduce asbestos exposure. According to AGTSyP, asbestos exposure has already caused the death of 3 subway workers, while 6 others have developed cancer and 87 others have suffered health issues in the past years. Emova, the company that runs the subway service, has admitted the presence of asbestos, but said “conditions were adequate” to work. “Emova continues to signal its openness to talks, but reducing the work week from 36 to 30 hours is unfeasible without affecting subway operability,” they said.

Ámbito was able to learn that these associations will ask Economy Minister Sergio Massa “reevaluate” so that more sectors are exempted. “The consequences [of these measures] in some activities needs to be reevaluated,” they said in a press release. Business associations say there is “total uncertainty” regarding the list of sectors that will be exempted from the tax. The Domestic and Foreign Commerce Secretariat, led by Matías Tombolini, will be in charge of the fine print of the measure. Sources from Cadiem, a business chamber that imports medical equipment (Cadiem) sent a letter to the Economy Ministry asking for clarifications.

According to a report released on Tuesday, the International Monetary Fund (IMF) revised Argentina’s growth projection for 2023 — which it calculated to be 0.2% in April — to negative 2.5%. “That was a fairly significant downward revision,” Petya Koeva Brooks, Deputy Director of IMF’s Research Department, said in a press conference. The IMF report placed Argentina’s economic growth at 2.8% next year. The Fund also revised the country’s projected inflation for the entire year to 120% — from 88% in April. On Sunday midday, the IMF announced that it agreed on primary objectives for a new staff-level agreement with Argentina.

The government is betting that the import taxes and preferential exchange rate brought in on Monday will have a low impact on inflation. This was reflected in the wholesale prices of imported goods, which rose by 55 points above the official exchange rate over the past year. Sources from several business chambers confirmed that the official dollar rate is losing its status as a point of reference for transactions and restocking merchandise. Only half (52%) answered that they use the official exchange rate, while almost one in three revealed that they use a different rate: 17% the blue dollar, 8% “an intermediate dollar according to my own criteria” and 3% use the MEP or the CCL dollars. They cited the imported wholesale price index, which in the last year rose 158%, against a 103% increase in the official exchange rate — a difference of 55 points.

A Peruvian high court has ordered same-sex unions to be legally registered in public records, marking a victory for the LGBTQ community in a country that has been reluctant to recognize gay couples. Peru is one of the few countries in Latin America that has not recognized same-sex marriage, though it is not illegal to be gay. A 2021 survey by Ipsos found that 68% of people in Peru were in favor of same-sex marriage or other legal recognition. The Lima court ordered the records office to “proceed with the registration” of the woman’s marriage, the Superior Court of Justice of Lima said on Twitter. Other countries in South America, including Argentina, Uruguay, Brazil and Colombia, have legalized gay marriage in recent years.

June’s trade deficit reached a record US$1.7 billion, meaning Argentina was US$4.4 billion in the red over the first half of the year. Against a backdrop of the potent impact of this year’s drought, private consultancies expect a trade deficit of around US$7 billion for this year. “The deterioration of the trade balance won’t be any larger than that thanks to the significant reduction of the energy trade deficit, which will go from -US$4.4 billion in 2022 to a slight deficit of around US$1 billion in 2023, and even a virtual equilibrium can’t be ruled out.”The improvement in the energy trade balance will be consolidated from next year onwards. “We’re seeing climate change”“For next year, we expect a trade surplus, which would be driven by a recovery in harvest levels,” Santiago Manoukian, head of research at consulting firm Ecolatina, told the Herald’s sister title, Ámbito. “In line with the ‘Productive Argentina 2030’ plan, the remaining exports of goods will grow from US$37.7 billion to US$54.5 billion between 2024 and 2030.

Pulitzer prize winner Anne Boyer once called Buenos Aires “the city for people who love books” — and who loves books more than the people who actually make them? The Publishers’ Fair (FED, for its Spanish initials), a major event in the Buenos Aires literary agenda, has officially announced its 2023 line-up. The FED will also feature the second edition of the Fellowship program, which brings foreign editors to Buenos Aires to get first hand knowledge of local publishing and bookselling. This year’s finalists are Céspedes Libros, Vuelvo al sur and Mandolina Libros (all from Buenos Aires City), Notanpuan (San Isidro), Portaculturas (Córdoba), Ludditas (Mendoza), Delibooks (Lomas de Zamora), and Mal de archivo (Rosario). Together with the Buenos Aires Blood Center, Céspedes Libros is also organizing a blood donation stand at the FED, with prior registration required.

The Reversal of the North Gas Pipeline is the next step, as it will allow natural gas to be distributed to the center and northern provinces, saving US$3.5 billion by not importing energy from Bolivia, which costs four times as much. Energy self-sufficiency and dollar savingsGovernment sources explain energy self-sufficiency is the key of the first stage of the work. ASources from the Economy Ministry led by Sergio Massa also added that this energy will cost 70% less than Bolivia’s. The price for locally-injected gas is US$ 3.79 MM/Btu against the US$11.32 of imported natural gas, and much cheaper than the US$18.24 of liquified natural gas (GNL), according to the latest May data from the energy subsidies monitoring agency of the Congressional Budget Office (OPC). The works consist in: an interconnection gas pipeline of 36″ nominal diameter and 123 km long, from the “La Carlota” compression plant of the Center West gas pipeline, to the “Tío Pujio” compression plant on the North Gas Pipeline, 62 kilometers of 30″ loops on the North Gas Pipeline, between the towns of Tío Pujio and Ferreyra, and injection reversal works at the plants.

Negotiations between Argentina and the International Monetary Fund (IMF) regarding the country’s economic program are taking place in Washington, D.C., amid official secrecy and strong media speculation. The IMF staff’s upcoming fifth review of the program will evaluate Argentina’s performance until March which, if favorable, would lead to a US$4.1 billion disbursement. Amid the negotiations and the reserve scarcity crisis — net international reserves are estimated at negative US$7.4 billion — the government further restricted access to US dollars in the official market for imports. Four worst-case scenariosIn a report published on Thursday, economic consulting firm 1816 listed four possible outcomes of the current negotiations with the IMF. The final (and less likely) scenario is an agreement with the Fund that includes a devaluation of the peso.

More than 40 countries have expressed interested in joining the BRICS group of nations, South Africa’s top diplomat in charge of relations with the bloc said on Thursday. South Africa had faced a dilemma in hosting the summit. South Africa maintains it has a neutral stance on the Ukraine war, which it wants to end through negotiation. Diplomats addressing the press on Thursday said that position had been vindicated by South Africa’s acceptance by both sides as a mediator in the conflict, in contrast to sabre-rattling by Western powers. No,” Zaheer Laher, South Africa’s acting director general for global governance said.

As the informal “blue dollar” exchange rate reached a record-high value of AR$527, the government raided Buenos Aires city’s cuevas —Spanish for “caves,” as informal currency exchange houses are popularly known. According to a survey made by Ámbito Financiero, the informal exchange rate saw a AR$5 in one day and ended at AR$525, meaning that the gap with the official exchange rate hit 95.24%. Conversely, the MEP exchange rate — a market in which the government strongly intervenes — is at AR$494.5. As US dollars at the official exchange rate are increasingly less available for local companies due to the international reserve crisis, surges in parallel exchange rates have a greater impact on the inflation rate and feed devaluation expectations. The companies allegedly engaged in arbitrage by charging for inexistent imports at the official foreign exchange rate which, according to Customs, lead to an estimated loss of “at least” US$5.5 million.