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Luis Alberto Moreno, President, Inter-American Bank of Development : Viewpoint
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Among the most important tasks for Latin America and the Caribbean is to achieve greater growth rates, and a fundamental part of this is investing in infrastructure. The most viable way to accomplish this investment is a significant increase in the number of public-private partnerships (PPPs), and this can only be happen if corruption is eradicated from public contracting. Currently, around 2.5% of…
Analysis

Capital market reforms to help attract new investment in Argentine infrastructure

Posted OBG AdminPosted in Uncategorized

Despite a turbulent few months across many emerging markets in mid-2018, Argentina is pushing ahead with growth-oriented capital markets reform, supported by a strategically important index reclassification and record-breaking international development financing. In May 2018 Congress passed legislation reforming the role of the market regulator, the National Securities Commission (Comisión Nacional…
Analysis

Argentine banking sector ripe for further mergers and acquisitions

Posted OBG AdminPosted in Uncategorized

The Argentine financial sector has gone through extensive structural change in the last decades in response to a variety of factors, including financial crises, debt defaults, privatisations and regulatory reforms. As in other emerging markets, the number of financial institutions in operation has declined significantly from 723 in 1977 to 110 in 2000. The 2001 economic crisis and subsequent intervention…
Analysis

Argentina's foreign policy to focus on multilateralism and trade

Posted OBG AdminPosted in Uncategorized

Under President Mauricio Macri, Argentina’s foreign policy has undergone a fundamental turnaround. Following years of left-populist politics under Néstor Kirchner and Cristina Fernández de Kirchner, who allied with other regional populist governments and often clashed with global powers such as the US and the UK, President Macri has since shifted the country’s foreign policy focus. With economic…
Analysis

Interest in Argentina's initial public offerings wanes

Posted OBG AdminPosted in Uncategorized

While the market-friendly policies of the administration of President Mauricio Macri have been welcomed by international investors and local businesses alike, the prevailing view of initial public offerings (IPOs) has become increasingly bearish. Although there were two new listings in 2016 and three in 2017, only the 2016 IPOs are still trading in positive territory, whereas the shares floated in…
Analysis

Argentina's inflation-adjusted unit set to boost mortgage segment

Posted OBG AdminPosted in Uncategorized

In 2001 an economic depression and the Argentine peso being pegged to the US dollar led to the country defaulting on sovereign debt by approximately $93bn, which prevented Argentina from accessing international markets and resulted in the cancellation of IMF loans. The subsequent crisis deeply impacted credit penetration, with credit to the private sector as a percentage of GDP dropping from a 10-year…
Analysis

Export-focused reforms take effect as Argentina seeks to establish local trade deals

Posted OBG AdminPosted in Uncategorized

Argentina is, and historically has been, a country with limited market openings, which was exasperated with the establishment of protectionist measures between 2000 and 2015. Since taking office in late 2015, the administration of President Mauricio Macri has rolled back some of these in an attempt to remove export duties and foreign exchange controls, for example. The government’s overarching National…
Analysis

Argentina's new infrastructure partnership framework provides opportunities for insurers

Posted OBG AdminPosted in Uncategorized

Infrastructure development has been highlighted by the government as a fundamental pillar in ensuring Argentina’s long-term economic success, however, the industry remains relatively underdeveloped. According to the World Economic Forum’s “The Global Competitiveness Report 2017-18” report, the country ranked 85th out of 135 in terms of infrastructure development. To improve this situation,…
Analysis

Ongoing reforms to strengthen Argentina's occupational risk laws

Posted OBG AdminPosted in Uncategorized

Under Argentine law, employers are required to provide occupational risk insurance to all employees. While Argentina is considered one of the pioneers in this regard since first introducing the requirement in 1915, the framework has over the years gone through a number of reforms, with mitigated results. In 2017 occupational risk premium reached a total of AR79bn ($4.1bn), up 29% on 2016. It accounted…
Analysis

Argentina expands offerings with renewable energy and offshore drilling auctions

Posted OBG AdminPosted in Uncategorized

With a strained electricity grid and officials aiming to bring in more income to prop up the economy, the administration of President Mauricio Macri is expanding sector offerings for foreign investors. The government has been promoting renewable energy sources since 2016, and with offshore block auctions expected at the end of 2018, these two segments represent the most promising prospects for growth…