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Reuters ahead with news that Argentina’s government is in talks with the IMF on foreign reserve targets

Economy

Reuters reported first that Argentina’s government was in talks with the International Monetary Fund to lower its foreign exchange reserve targets for this year under its $44 billion program with the Washington-based lender. The talks come as the South American commodities exporter is facing the worst drought in 60 years, which has seen hard-currency revenues come under pressure and with its reserves in focus after the government announced in January a debt buyback of its overseas bonds of up to $1 billion.

Market Impact

At time of publication, net reserves stand at around $4.4 billion, according to calculations from Buenos Aires-based brokerage firm PPI Inversiones. Under the latest review, Argentina had been set the target of net reserves to increase by $5.5 billion at the end of March and $9.8 billion at the end of the year.

Article Tags

Topics of Interest: Economy

Type: Reuters Best

Sectors: Economy & Policy

Regions: Americas

Countries: ArgentinaUnited States

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story


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