International
Argentina and IMF make progress in debt renegotiation talks
AFP
Argentina made progress in talks with the International Monetary Fund on restructuring the country’s crippling debt, the economy ministry said on Tuesday.
Economy Minister Martin Guzman met an IMF delegation headed by Julie Kozack, the deputy director of the western hemisphere department, during last week’s Group of 20 summit in Venice.
“The technical teams’ meetings provided progress and understanding on key issues of the government’s economic program,” the ministry said.
“In particular, concrete progress was made in understanding regarding policies for the development of the domestic capital market, tax administration and the development of sectors that generate foreign exchange.”
The IMF said in a statement that the meetings from July 8-12 were “productive,” adding that “discussions focused on policies to strengthen the recovery, economic stability, and job creation.”
“In particular, progress was made in identifying policy options to develop the domestic capital market, mobilize domestic revenue, and strengthen Argentina’s external resilience,” said the IMF.
“Our goal is to support Argentina as it durably addresses its economic and balance of payment challenges.
Since coming to power in December 2019, Argentine President Mauricio Macri has looked to renegotiate several multi-billion dollar debts he describes as “unpayable” for a country of 45 million that has been in recession since mid-2018.
Argentina received $44 billion of a $57 billion loan from the IMF arranged under Fernandez’s predecessor, Mauricio Macri.
After taking office, Fernandez refused to accept the rest of the loan.
This year, Argentina has paid the IMF $600 million in interest with two more tranches of another $750 million due later this year.
It must also pay off $3.8 billion of the debt in two instalments before the end of the year.
Last year, Fernandez managed to renegotiate a separate $66 billion loan that was worth 54.8 cents on the dollar.
International
U.S. Senate Rejects Budget, Bringing Government Closer to Shutdown Amid DHS Dispute
The U.S. Senate voted on Thursday against a budget proposal in a move aimed at pressuring changes at the Department of Homeland Security (DHS), following the killing of two civilians during a deployment of immigration agents in Minneapolis.
All Senate Democrats and seven Republican lawmakers voted against the bill, which requires 60 votes to advance, pushing the country closer to a partial government shutdown that would cut funding for several agencies, including the Pentagon and the Department of Health.
The rejection came as Senate leaders and the White House continue negotiations on a separate funding package for DHS that would allow reforms to the agency. Proposed measures include banning Immigration and Customs Enforcement (ICE) agents from wearing face coverings and requiring them to use body-worn cameras during operations.
The vote took place just hours after President Donald Trump said he was “close” to reaching an agreement with Democrats and did not believe the federal government would face another shutdown, following last year’s record stoppage.
“I don’t think the Democrats want a shutdown either, so we’ll work in a bipartisan way to avoid it. Hopefully, there will be no government shutdown. We’re working on that right now,” Trump said during a Cabinet meeting at the White House.
International
Trump Says Putin Agreed to One-Week Halt in Attacks on Ukraine Amid Extreme Cold
U.S. President Donald Trump said on Thursday that he secured a commitment from Russian President Vladimir Putinto halt attacks against Ukraine for one week, citing extreme weather conditions affecting the region.
“Because of the extreme cold (…) I personally asked Putin not to attack Kyiv or other cities and towns for a week. And he agreed. He was very pleasant,” Trump said during a Cabinet meeting broadcast by the White House.
Trump acknowledged that several advisers had questioned the decision to make the call.
“A lot of people told me not to waste the call because they wouldn’t agree. And he accepted. And we’re very happy they did, because they don’t need missiles hitting their towns and cities,” the president said.
According to Trump, Ukrainian authorities reacted with surprise to the announcement but welcomed the possibility of a temporary ceasefire.
“It’s extraordinarily cold, record cold (…) They say they’ve never experienced cold like this,” he added.
Ukrainian President Volodymyr Zelensky later commented on the announcement, expressing hope that the agreement would be honored.
International
Storm Kristin Kills Five in Portugal, Leaves Nearly 500,000 Without Power
Storm Kristin, which battered Portugal with heavy rain and strong winds early Wednesday, has left at least five people dead, while nearly half a million residents remained without electricity as of Thursday, according to updated figures from authorities.
The revised death toll was confirmed to AFP by a spokesperson for the National Emergency and Civil Protection Authority (ANPEC). On Wednesday, the agency had reported four fatalities.
Meanwhile, E-Redes, the country’s electricity distribution network operator, said that around 450,000 customers were still without power, particularly in central Portugal.
Emergency services responded to approximately 1,500 incidents between midnight and 8:00 a.m. local time on Wednesday, as the storm caused widespread disruptions.
The Portuguese government described Kristin as an “extreme weather event” that inflicted significant damage across several regions of the country. At the height of the storm, as many as 850,000 households and institutions lost electricity during the early hours of Wednesday.
Several municipalities ordered the closure of schools, many of which remained shut on Thursday due to ongoing adverse conditions.
Ricardo Costa, regional deputy commander of the Leiria Fire Brigade, said residents continue to seek assistance as rainfall persists.
“Even though the rain is not extremely intense, it is causing extensive damage to homes,” he noted.
In Figueira da Foz, a coastal city in central Portugal, strong winds toppled a giant Ferris wheel, underscoring the severity of the storm.
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