Egypt's bourse to launch derivatives within 6 months – vice chair    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Argentina treasury minister Nicolás Dujovne resigns after market rout
Published in Amwal Al Ghad on 18 - 08 - 2019

Argentine's Treasury Minister Nicolas Dujovne resigned on Saturday, capping a week of stock market chaos that followed President Mauricio Macri's stunning loss in a primary vote.
Dujovne, who led bailout negotiations between Argentina and the International Monetary Fund (IMF) last year, justified his departure by saying the government needs "significant renewal in the economic area" following Macri's defeat to leftist Alberto Fernandez on August 10.
"No doubt we've made mistakes, which we never failed to acknowledge and which we tried to correct as much as possible," Dujovne wrote in a letter to the president.
"It's been an honour for me to serve in your government."
Hernan Lacunza, economy minister for the province of Buenos Aires, will replace Dujovne, according to a statement from the presidential palace.
Dujovne's departure comes at the end of a week that has seen a decline in Argentina's peso and sovereign bonds to record lows. Fitch Ratings and S&P Global on Friday downgraded Argentina deeper into junk citing the possibility of a sovereign debt default. Investors have been dumping Argentine assets for fear that Fernandez may shun the IMF deal and implement interventionist policies if he won the elections on October 27.
Macri rolled out several economic measures this week to appease voters, including tax breaks and plans to increase the minimum wage while freezing fuel prices. Local media had reported that Dujovne didn't support the measures because they could violate fiscal targets agreed upon with IMF in exchange for a $56 billion credit line. An IMF spokesman declined to comment.
Dujovne's tenure was plagued by the unpopular IMF deal, massive spending cuts, recession, and inflation over 50 percent. While the economy was showing signs of improvement in May and June, this week's market rout is likely to put it back in the red.
New Minister
Lacunza, 50, has since December 2015 been the economy minister for the Buenos Aires province, the biggest in the country with more than 16 million inhabitants. He was general manager and chief economist at the central bank between 2005 and 2010, after which he founded Empiria, an economic consulting firm.
A big soccer fan, Lacunza speaks calmly and will need a cool head to maintain an open channel with the IMF while attending to the needs of Argentines. As the peso's decline increases prices of imported goods, inflation is likely to accelerate again, adding to the pain of a country suffering double-digit unemployment.
"I'm deeply sorry that Hernan Lacunza will have to take care of this disaster," Guillermo Nielsen, an economic adviser for Fernandez, said in a Twitter post. "A professional with his track record and integrity deserves to take care of a more normal situation."
Source: Bloomberg


Clic here to read the story from its source.