International
Argentina will honor economic goals agreed with IMF: new minister
AFP
Argentina’s new economy minister said Monday the country would honor fiscal deficit goals and other commitments made under a deal struck with the IMF to refinance a debt of some $44 billion.
Under the agreement negotiated by Silvina Batakis’ predecessor Martin Guzman, who resigned suddenly nine days ago, Argentina committed to reducing its fiscal deficit from 3.0 percent of GDP last year to 2.5 percent in 2022, 1.9 percent in 2023 and 0.9 percent in 2024.
“The goals agreed with the IMF are maintained,” Batakis said in Buenos Aires at her first press conference since taking office a week ago.
“It is an agreement we signed as a state and we must comply.”
In 2018, under the government of conservative President Mauricio Macri, the International Monetary Fund granted its biggest-ever loan of $57 billion to Argentina.
The country received $44 billion of that amount and Macri’s successor Alberto Fernandez refused to accept the rest.
As the country struggled to repay its debt, a refinancing agreement was reached this year after protracted negotiations.
Guzman resigned suddenly on July 2 amid a power struggle between Argentina’s president and vice president, sparking fresh uncertainty in Latin America’s third largest economy.
The peso fell sharply last Monday against the US dollar after Batakis’ appointment.
On Monday, the 53-year-old said there was a need to “give order and balance to the public finances,” and vowed that “we will not spend more than we have.”
Among her proposals: to reduce energy subsidies, which in 2021 amounted to $11 billion or 2.3 percent of GDP, by applying a sliding scale to prices for gas and electricity based on income.
In 2020, the Argentine economy contracted 9.9 percent before rebounding the following year by 10.3 percent.
For this year, the IMF predicts growth of 4.0 percent.
At the time the refinancing agreement was reached, Argentina’s inflation was projected to reach 52 percent in 2022 — already one of the highest in the world.
Since then, the war in Ukraine has sent prices soaring worldwide, and Argentina marked year-on-year inflation of 60 percent in May.
“The agreement was signed before the rise in global inflation,” said Batakis, adding a new estimate for 2022 was being compiled.
“It is a methodological issue we are evaluating, not a shifting of the goal,” she insisted.
A survey by Argentina’s central bank of projections for 2022 inflation put the rate at some 76 percent.
International
Erin brings strong winds and storm surge despite weakening offshore
Hurricane Erin weakened to a Category 2 storm on Tuesday but continues to pose a threat to parts of the U.S. East Coast with potentially dangerous flooding, according to meteorologists.
Although the hurricane’s eye is expected to remain offshore, experts are concerned about Erin’s size, as strong winds extend hundreds of kilometers beyond the storm’s center.
In its 18:00 GMT bulletin, the U.S. National Hurricane Center (NHC) lifted tropical storm warnings for the Bahamasand Turks and Caicos Islands, but kept them in effect for parts of North Carolina.
Erin was located several hundred kilometers southeast of North Carolina and was moving northwestward.
“This means there is a risk of potentially life-threatening flooding of 60 to 120 centimeters above ground level,” said NHC Director Michael Brennan.
He also warned of the possibility of destructive waves, combined with storm surge, that could cause severe damage to beaches and coastal areas, making roads impassable.
International
Three U.S. Warships deploy near Venezuela to combat drug trafficking
Three U.S. naval vessels are moving toward the coasts of Venezuela, according to international media reports on Tuesday, after White House spokesperson Karoline Leavitt confirmed that President Donald Trump is ready to combat and curb international drug trafficking.
Reports indicate that the ships will reach Venezuelan waters within the next 36 hours as part of a recent U.S. deployment aimed at countering international narcotics operations.
The announcement coincides with Leavitt’s statement that Trump is prepared to “use the full extent of his power” to halt drug flows into the United States. The naval deployment involves approximately 4,000 military personnel.
“The President has been clear and consistent. He is ready to use every element of U.S. power to prevent drugs from flooding our country and to bring those responsible to justice. The Maduro regime is not the legitimate government of Venezuela—it is a narco-terror cartel,” the spokesperson said during a press conference.
International
Cuban authorities free salvadoran convicted in 1997 hotel bombing
Salvadoran national Otto René Rodríguez Llerena was released after serving a 30-year prison sentence for his involvement in a terrorist attack at a hotel in Cuba in 1997, the Cuban Ministry of Foreign Affairs reported.
During his trial, Rodríguez Llerena admitted to placing an explosive device at the Meliá Cohiba Hotel under the orders of anti-Castro exile leaders. He was arrested the following year when he returned to Havana with another load of explosives that failed to detonate.
“The Cuban government reiterates its commitment to combating terrorism, respecting human rights, and the need for the international community to hold accountable those who promote such acts,” the statement read.
He was released on August 15 and is the second Salvadoran to complete his sentence. In December of last year, another Salvadoran, Ernesto Cruz León, was released after planting bombs at tourist centers, one of which killed an Italian tourist identified as Fabio Di Celmo.
A third Salvadoran, Francisco Chávez Abarca, also received a 30-year sentence from Cuban courts in 2010 after being extradited from Venezuela through Interpol for actions against Cuba.
Rodríguez Llerena had requested conditional release in 2016, arguing that his actions had not caused any direct fatalities, but no further information was released about his situation until now.
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