Argentina’s Congress Approves IMF Deal; U.S. Refiners Eye Ecuador’s Oil

A roundup of Wednesday’s news from across Latin America

Bloomberg Línea
March 16, 2022 | 08:05 PM

Bloomberg Línea — Argentina’s opposition bloc in Congress, Juntos por el Cambio (Together for Change), said Wednesday that it will enable the two-thirds majority necessary for the government’s latest deal with the International Monetary Fund to pass to the Senate for debate, and which hands the government the definitive approval of the bill, allowing the IMF’s board to discuss the agreement prior to debt maturity payments due March 22.

U.S. refiners Valero Energy Corp and Marathon Petroleum Corp, along with Shell Plc’s trading unit Shell Western Supply and Trading, are looking to source Ecuadorian barrels following Washington’s ban on imports of Russian crude.

All of the region’s stock markets closed with gains on Wednesday, led by Argentina, whose Merval (MERVAL) index closed with a 4.04% hike.

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Following is a roundup of Wednesday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.

Argentina:

Read More: ‘The IMF Preferred a Lukewarm Deal With Argentina that Solves Nothing’

Brazil:

Read More: Analysts: New Brazil’s Cenbank Requirements Affect Large Fintechs Only

Read More: Investors Embrace Lula and Stoke Furious Rally in Brazil Markets

Colombia:

Costa Rica:

Dominican Republic:

Ecuador:

  • U.S. refiners Valero Energy Corp and Marathon Petroleum Corp, along with Shell Plc’s trading unit Shell Western Supply and Trading, are looking to source Ecuadorian barrels following Washington’s ban on imports of Russian crude.
  • Banco Pichincha, Ecuador’s largest bank, said in a shareholders’ meeting Wednesday that it doubled its profits in 2021, from $50 million to $102 million.

El Salvador:

Mexico:

  • Mexico has been left without new wind energy projects, as eight projects have been halted due to lack of commercial authorization, and no other wind farms are on the drawing board for the near future.
  • Shares of Mexican airline Aeromexico (AEROMEX*) continue to fall. The company’s shares, which are listed on the Mexican Stock Exchange, reached an all-time low, dropping below 50 cents of the Mexican peso.

Uruguay: