Egypt’s foreign reserves plunged to the lowest level in at least 15 years, adding new pressure on President Mohamed Mursi to secure an International Monetary Fund loan his government says is key to reviving the economy.
Myanmar cleared about $1 billion in overdue debt with the Asian Development Bank and World Bank using a bridge loan from Japan, opening the door for increased lending as the country seeks to overhaul its infrastructure.
The Paris Club group of creditor nations accepted Argentina’s request to start talks on restructuring about $6.7 billion in debt without the oversight of the International Monetary Fund, President Cristina Fernandez de Kirchner said.
Speculation Argentina may win a credit grade increase after reaching a defaulted debt accord with the Paris Club is helping cut borrowing costs by more than 50 percent against similarly rated countries.
Argentine bond risk is falling the most in the world this week after President Cristina Fernandez de Kirchner pledged to open talks with the Paris Club on $6.7 billion in defaulted debt and redesign the consumer price index.
Argentina wants to resolve negotiations with the Paris Club group over defaulted debt before April to help boost investment in South America’s second- biggest economy, Finance Secretary Hernan Lorenzino said.