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President Milei To Meet IMF’s Georgieva On Sidelines Of G-7 Summit

ARGENTINA
  • President Milei is attending the G-7 summit in Italy today, where he will hold bilateral meetings with IMF Managing Director Kristalina Georgieva and French President Emmanuel Macron on the sidelines. He will also meet with Italian PM Giorgia Meloni and World Bank President Ajay Banga.
  • Yesterday, the IMF executive board approved the latest review of Argentina’s $44bn program, which will see the release of the next $800mn tranche. Earlier this week, Economy Minister Caputo said that the government would request a new IMF program after this IMF board vote, although he acknowledged that this would take some time to negotiate.
  • Also yesterday, consumer prices rose by a smaller-than-expected 4.2% m/m in May (276.4% y/y), while core prices rose by 3.7% m/m, the lowest since January 2022. JP Morgan note that lower regulated price inflation (+4.0% m/m) amid the postponement of tariff hikes, explained more than half of the monthly inflation deceleration. Following the downside surprise, they expect inflation to end the year at 148% y/y, while Goldman Sachs revise their year-end forecast to 135% y/y, from 150%.
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