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LatinNews Regional Monitor: Brazil & Southern Cone - 20 August 2018

In brief: Argentina

Argentina: Argentina’s finance minister, Nicolás Dujovne, has said that the ‘Gloriagate’ corruption scandal, implicating government officials in the previous administration led by former president Cristina Fernández (2007-2015) and various local firms awarded state contracts under the Fernández administration, is affecting Argentina’s economic growth. In an interview with the local press, Dujovne said that the scandal, which has led to a sharp fall in the shares of implicated firms on the stock market to the tune of US$8.85bn and has lowered private sector investment, is the biggest “shock” to Argentina’s economy since the signing of a new Stand-By Agreement with the International Monetary Fund (IMF) in June. Dujovne added that to offset the negative effects produced by the scandal, the government is working to ensure that all existing public-private partnership (PPP) development projects in which some firms implicated in the scandal are involved, do not become paralysed.  

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