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Economic Activity Data Due, Guzman Holds Bilateral Meetings

ARGENTINA
  • Economy Minister Martin Guzman holds bilateral meetings in Washington D.C. with counterparts from Italy, Germany and South Africa as well as speaking at the U.S. Chamber of Commerce.
  • 2000BST/1500ET - Feb. Economic Activity Index MoM, prior -0.5%; YoY prior 5.4%
  • Argentina’s Finance Undersecretary Ramiro Tosi said the government will need to recalibrate its $44 billion agreement with the International Monetary Fund due to the impact of Russia’s invasion of Ukraine.
    • "We will have to recalibrate and to see the effect of this global unexpected shock on all the aspects of the program,” Tosi said, referring to the global commodity price shock
    • Tosi said the fiscal targets in IMF program are the most challenging part to meet, while speaking with Goldman Sachs Economist Alberto Ramos in an online event on Wednesday.
    • Tosi said Argentina’s bond prices didn’t improve on news of the government’s IMF program because investors want to see results and implementation.
    • Tosi anticipates “gradual improvement” in bond prices if fiscal targets in IMF program are met.

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