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Argentina's Peso rose slightly on Monday, reducing the risk of default on its bonds after Argentina announced its budget plan and the International Monetary Fund (IMF) said "significant progress" had been made in negotiations to revise the country's standby loan agreement.
The Peso rose 0.76% against the dollar to 39.57 and the risk of default dropped by 10 basis points after the government announced its budget for 2019, promising to eliminate the basic fiscal deficit next year. This year's deficit is equivalent to 2.6% of gross domestic product (GDP).
The Peso has fallen more than 6% against the dollar this month and more than half this year as markets lack confidence in Argentina's ability to repay its debt in 2019. But market confidence has improved in recent days.
Argentina's President Mauricio Macri's budget wants to achieve fiscal balance by raising export taxes and cutting spending, which some analysts say could help the country avoid serious problems next year.
The budget predicts an average peso-dollar exchange rate of 40.1 in 2019 and a contraction of 2.4% and 0.5% this year and next, respectively.
Argentina is negotiating budget targets with the International Monetary Fund (IMF). IMF is evaluating the revised reserve financing agreement in Argentina.


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