A series of announcements were made at the close of business on Friday and over the weekend. For Canadian exporters, it is worth taking note.
The World bank agreed to pay out $132.5M to the poorest nations to support them through the crisis;
The IMF approved a loan for $327M to Bolivia. It also commended the government on its response to the current crisis;
Investors gave Argentina the cold shoulder again after the government announced conditions to avoid debt obligations and cuts to interest rate payments by 62%. This will likely lead to another default for the country;
Ecuador reached an agreement with bond holders to suspend debt payments for 4 months;
Analysts, including Scotiabank revised their projections for the Mexican economy. Scotiabank in particular forecasted GDP to be 8.4% in 2020, revised from 5.77% predicted last month. A weaker response by the government to the crisis was cited for the change in forecast.
The G20 group of countries were unable to agree upon debt relief measures for emerging economies.
More broadly, we are witnessing a demand and supply issue with oil. This morning crude oil prices fell 20% to below $15 a barrel. Current supply is filling up storage facilities because the demand is simply not there.
And finishing on a lighter note, the rise of drive in movie theatres is surging in popularity. Movie goers can sit in the comfort and security of their own car and have a traditional movie experience.