In that framework, the Dollar bonds climbed up to 1.7%, with increases led by Global 2035.
The IMF board approved a new debt program with Argentina on Friday, but recognized that carries “exceptionally high” risks and advanced to mid-May the first review of the agreement in light of the armed conflict in Ukraine.
“As long as the government can show that it is trying to meet its commitments and can justify any shortcomings in global conditions, the IMF is likely to approve revisions to the program and provide quarterly disbursements.” said a Citigroup report.
Operators affirmed that the new agreement with the IMF and the recent “time bridge” reached with the Paris Club This is good news for the market, although investors remain immersed in growing doubts about the future of the local economy, amid political tensions within the government coalition.
With the agreement, “the immediate cessation of payments was avoided, but the balance of public finances would require a reduction in expenditures that would be difficult to implement politically,” estimated VatNet Research.
The agreement with the IMF establishes a grace period of four and a half years, and extends the payments of disbursements to 10 yearsso the country will start paying off the debt in 2026 and end in 2034, in addition to establishing growth goals, lowering inflation and strengthening the reserves of the Central Bank (BCRA), among other points.
In the external context, on the other hand, Oil prices slumped amid fears of weaker demand from China. after the financial center of Shanghai was closed to curb a rise in Covid-19 infections, at a time when world attention was also focused on the resumption of peace talks between Ukraine and Russia.
S&P Merval
While, the Buenos Aires stock market was trading lower in line with the trend of its foreign peers in the face of a drop in the price of oil.
The S&P Merval stock index of Argentine Stock Exchanges and Markets (BYMA) lost 0.7%, to 92,375.97 pointsled by the trend of energy companies after accumulating an improvement of 4.44% last week.
“Argentina’s Merval returns to the 92,000 point zone and if it breaks down that level, it could be confirming a double top pattern, which is a bearish reversal formation,” said Alexander Londoño, an analyst at ActivTrades.
For its part, on Wall Street, the ADRs of Argentine companies operated with most losses, on a day in which Grupo Supervielle led that lot with a decrease of 2.1%.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
