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Milei To Meet With US Secretary Of State Blinken

ARGENTINA
  • President Milei will meet with US Secretary of State Blinken in Buenos Aires today to discuss trade, critical minerals, human rights and security. Foreign Minister Mondino and Blinken will then speak to the press at 1400GMT(0900ET). Milei will travel to Washington later today to speak at CPAC on Saturday, where he may meet with Trump on the sidelines.
  • Following a meeting with Milei on Thursday, the IMF’s Gopinath released a statement explaining the path ahead "remains challenging", and that "consistent and well-communicated monetary and FX policy will be necessary to continue to bring down inflation, rebuild reserves, and strengthen credibility." Gopinath added that there was "broad recognition that Argentina needs market-oriented reforms to reverse a long-term decline in living standards, but that these should be designed and sequenced to ensure sustained and inclusive growth."
  • On the data front, the economy shrank by a larger-than-expected 3.1% m/m in December, bringing the annual rate of growth down to -4.5%, from -3.2%. For Q4, GDP fell by 1.5% y/y, driven by a sharp fall in manufacturing, taking full year GDP growth to -1.6%. Looking ahead, Itau expect GDP to contract by 2.5% this year, due to the fall in real wages and sharp fiscal consolidation, partially offset by a recovery in agriculture from last year’s severe drought.
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