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Milei To Meet IMF’s Gopinath Today, Economic Activity Data Due

ARGENTINA
  • IMF Deputy MD Gopinath will meet with President Milei today, while Foreign Affairs Minister Mondino will continue with the G-20 meeting in Rio. This follows a meeting between Gopinath and Economy Minister Caputo yesterday, which the IMF described as productive. Economy Minister Caputo later said that the government is considering asking for a new programme with the IMF. He also repeated previous comments that dollarisation is the government’s goal, but that another FX devaluation is not on the agenda and that capital controls would be lifted, once the central bank’s balance sheet is cleaned up.
  • In other news, the healthcare workers union will hold a 24-hour strike today, followed by a government workers strike on Feb 26. Meanwhile, the government has lost a $1.5bn appeal against a group of hedge funds in the UK courts for losses on the country’s GDP-linked bonds. The government must now pay down €310 million by April 5, before a full appeal is heard.
  • On the data front, December economic activity will be released at 1900GMT(1400ET), with the market expecting another 2.0% m/m decline in GDP (vs. -1.4% prior), bringing the annual rate of growth down to -3.2% y/y, from -0.9%.
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