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.”

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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.

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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.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.