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The International Finance Corporation (IFC), a World Bank Group's arm, sold 33.7 billion Colombian pesos (US$ 11.65 million) in bonds issued in local currency for the local market. The sale of bonds is also part of IFC's strategy to promote the development of capital markets in Colombia. The World Bank Group's program could reach up to 3 trillion pesos in the next three years. The issue will support IFC operations in Colombia, including financing projects in the South American country. "With this issue, we are again showing IFC's leadership in the development of capital markets in Colombia," said Carlos Pinto, manager of the World Bank Group's Andean region division.
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Peru's new cabinet will be presented on October 12 before Congress to ask for a confidence vote, said Mercedes Ar?oz. She was appointed as new president of the Council of Minister by the Peruvian President Pedro Pablo Kuczynski after the Congress has denied the vote of confidence requested by the former minister Fernando Zavala. Ar?oz Fern?ndez spoke yesterday with the Congress' speaker, Luis Galarreta, and said that she would meet with all represented parties in the House to present the government's legislative agenda in the next few days. Over the weekend, Kuczynski sworn in his new cabinet, after the country's Congress rejected on Friday the confidence vote requested by the then prime minister Fernando Zavala. The decision forced five ministers to step down and led Kuczynski to form a new government team while ratifying the remaining 13 ministers. Zavala requested the vote last week, after accusing the parliamentary majority of censorship. He also said that the cabinet is undermining the educational reforms proposed by the government and forced the resignation of the Minister of Education, Maril? Martens. She is under fire due to her allegedly pivotal role in a teacher's str**e that lasted for 45 days. According to the Peruvian Constitution, if Congress twice refuses to support an entire cabinet of ministers, the president is empowered to dissolve the parliament and to convene a legislative election.
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The Argentinean Central Bank (BCRA) said international reserves increased by US$ 1.862 billion in August, closing the month at US$ 48.877 billion. During August, the increase in international reserves was primarily due to the National Treasury's foreign currency income for bonds placements for US$ 6.156 billion. Also, the National Treasury faced US$ 2.032 billion in bill maturities and made cancellations of capital and interest to international organizations and holders of other securities denominated in foreign currency for approximately US$ 220 million. In addition, a US $ 72 million payment was made to the Latin American Integration Association (ALADI). In August, the National Treasury sold US$ 2.1 billion, and banks and other entities, US $ 362 million. This total was purchased by private sector clients for US$ 1,903 million through the Single Market and Free of Exchange and by the BCRA for US$ 567 million. Finally, the monetary authority recorded a US$ 2,539 million "other net" outflow, which includes the performance of reserves, adjustments in valuation, the purchase and sale of securities, movements in National Treasury accounts and BCRA's operations.
