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Government Seeking Larger IMF Disbursement

ARGENTINA
  • The Argentine government intends to ask the International Monetary Fund to increase the amount of its next disbursement to Argentina expected later this month, according to a senior government official who asked not to be named discussing ongoing talks. For reference the IMF board are expected to meet Aug. 23 to discuss the disbursements.
  • As a reminder, right-wing libertarian Javier Milei secured a strong result in Argentina's PASO presidential primaries on Sunday, exceeding his suggested support in opinion polls substantially to lead the vote. Milei, who has advocated for the dollarisation of the Argentinian economy and the closure of the central bank now goes into the 22 October first round with significant momentum. "The low turnout and surprise results have contributed to increased political and market uncertainty," a portfolio manager at William Blair Investment Management told Bloomberg.
  • To recap the market reaction, Argentina's dollar bonds slid around 7% on Monday, trimming even larger initial losses as the trading day progressed. The central bank devalued the peso's official exchange rate, which fell over 20% to about 350/USD. The peso's black-market rate also depreciated on the streets of Buenos Aires, trading more than 10% weaker at about 690 per dollar, according to the Wall Street Journal.
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