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IMF Decides Disbursement Amount, Economic Activity Data Due

ARGENTINA
  • Following meetings on Tuesday, Economy Minister Massa has confirmed that the Inter-American Development Bank have approved loans for Argentina worth some $1.3bn. Massa is also meeting with officials from the International Monetary Fund for talks over Argentina's $44bn debt programme. Reports have suggested that Massa expects the IMF to approve a $7.5 billion disbursement later today, alongside a $2.75 billion payment from the IMF in November pending a staff-level review.
  • Argentine economic activity likely fell for a third consecutive month in June, locking in a GDP contraction in Q2. The drought is expected to have driven another sharp year-on-year contraction in agricultural output in June.
  • Analysts have noted that earlier data has indicated weak performances in key sectors. Manufacturing activity fell 1.3% from May and 2.3% from a year earlier. Construction contracted 1.5% in the month and 2.8% from June 2022. Overall exports plunged 35.4% year over year in June. Data is due at 2000BST/1500ET:
    • June Economic Activity Index Y/y, est. -3.7%, prior -5.5%; M/m prior -0.1%
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