25 February 2023, 6:48 pm 1 minute
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.
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.
Topics of Interest: Economy
Type: Reuters Best
Sectors: Economy & Policy
Countries: ArgentinaUnited States
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story