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​Argentina celebrates being named "emerging market" by MSCI

2018-06-21 11:46

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Argentina's Minister of the Treasury Nicolas Dujovne on Wednesday welcomed his country's classification as an "emerging market" by Morgan Stanley Capital International (MSCI).

On Twitter, Dujovne said the new classification, which Argentina had lost since 2009, would allow "access to the cheapest capital and ... more investment, more growth and more jobs for all Argentineans."

MSCI announced on Wednesday its decision to remove Argentina from the list of "frontier markets," which will help to attract capital to its local financial market, as stated by analysts.

According to the ratings agency, "international institutional investors expressed their confidence in the country's capability to maintain current equity market accessibility conditions, which is a key factor in MSCI's classification framework."

For Dujovne, Argentina's exit from the "emerging" category in 2009 was due to "bad policies which generated isolation and stagnation."

The MSCI's decision coincided with the formal approval by the International Monetary Fund (IMF) of a 50-billion-U.S.-dollar loan for Argentina.
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