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Ecuador goes to the IMF

Weekly investor research

25 February 2019

Ecuador’s new IMF programme is excellent news. In South Africa, the government announced fresh capital for Eskom and plans to near-privatise the company. Brazil’s pension reform made it to parliament; markets will now become more volatile as they fret over each stage of the approval process, which may last months. The Mexican central bank shifted in a slightly dovish direction amidst extreme bearishness among local investors. Argentina had strong trade and fiscal numbers in January. In India, the most recent central bank minutes revealed a healthy spread of views on the monetary policy committee. China and the US appear to be moving yet closer to a final trade deal. Tensions are escalating on the Venezuelan borders with Colombia and Brazil. The global backdrop section asks why voters sometimes elect governments with destructive economic policies and provides an update on the impact of US developments on EM.

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