/raid1/www/Hosts/bankrupt/TCRLA_Public/220513.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Friday, May 13, 2022, Vol. 23, No. 90

                           Headlines



A R G E N T I N A

ARGENTINA: VP Plays Down Tensions but Slams Economic Plan


B R A Z I L

BRF SA: Pledges Changes After Bad First Quarter; Shares Tumble


C H I L E

LATAM AIRLINES: Creditors Vote in Favor of Bankruptcy Exit Plan


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tax Collected at US$1.2 Billion in April


G R E N A D A

GRENADA: Econ. Growth to Continue but at Slower Pace, Says IMF


M E X I C O

DURANGO MUNICIPALITY: Moody's Withdraws 'B3' Issuer Ratings


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Will Use Oil Revenue to Pay Bills, Says Minister


X X X X X X X X

[*] U.S. Seeks to Bolster Latin America Economies to Curb Migration

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: VP Plays Down Tensions but Slams Economic Plan
---------------------------------------------------------
Buenos Aires Times reports that vice-President Cristina Fernandez
de Kirchner played down reports of a deep rift in the ruling Frente
de Todos coalition, declaring that "there is no fight but rather a
debate of ideas."

During a closely watched speech at the National University of Chaco
Austral (UNCAUS) in Resistencia, the former head of state addressed
"democratic dissatisfaction," praised her "intelligent" to decision
to persuade President Alberto Fernandez to run for the Casa Rosada
in 2019 and insisted that there is "no power dispute" at the top of
Argentina's government, according to Buenos Aires Times.

She did, however, air stark criticism of the government's
stewardship of the economy, underlining her own personal
dissatisfaction with the state of play, the report notes.

"What is happening in the Executive Power is not a fight; I did not
hit anyone, nobody hit me," declared the former president, who led
Argentina between 2007 and 2015, the report relays.  "This is a
debate of ideas," she added.

The veep did acknowledge, however, that there is a certain
"democratic dissatisfaction" among the population, given that
people ""do not have enough money and they cannot make ends meet,"
the report discloses.

"We are not living up to the trust placed in us," she declared.

The comments came after another week of tensions for President
Alberto Fernandez's administration, during which a number of
Kirchnerite leaders broke ground to criticize the president, the
report relates.

Unhappy with the government's economic course, they have called for
greater spending and welfare payments to assist citizens affected
by a poverty rate of nearly 40% and a runaway inflation rate, which
surpassed 50% over the last 12 months and hit 6.7% in March alone,
the report relays.

Speaking as she received an honorary doctorate from her UNCAUS
hosts, Fernandez de Kirchner acknowledged recent media reports
about a growing conflict by declaring that she still feels "part of
a collective project" that dates back to the mid-2000s, the report
notes.

The vice-president - who addressed a crowd of 3,000 people, with an
estimated 7,000 more outside the lecture hall - argued that
Argentina's "bimonetary economy" and lack of US dollars was the
main cause for the country's turmoil and fiercely defended the role
of the government, citing the rise of China as the "most
successful" example of state capitalism and the rapid global
development of coronavirus vaccines as further evidence, the report
says.

Addressing the difficulties facing the population, she said no-one
in the political frontline should be allowed to "play the victim,"
the report discloses.

"The only victims are those who don't have enough to eat, don't
have a job and have to take their kid to a soup kitchen to have a
meat dish - those are the things that need to be discussed," said
Fernandez de Kirchner, underlining her complaints, the report
says.

During a trip to Tierra del Fuego Province, the president called
for members of the ruling coalition to "look to the future" and
"work together," the report notes.

He concluded: "We are very convinced and very united in what we are
doing. And they are not words, it is political will, action and
results. I value my word and when I commit it I hope to keep it,"
the report relays.

                   Internal Tensions

The report notes that Fernandez de Kirchner's remarks came after
another week of tensions within the ruling coalition, during which
a number of Kirchnerite figures broke ground to voice criticisms of
President Fernandez's government. Among them was Andres 'Cuervo'
Larroque, a leader of the La Campora political organisation.

"We formed this political force, we called Alberto and we won the
elections, on the basis of a voting intention that was mostly in
favour of Cristina," said the community development minister for
Buenos Aires Province, the report relays.

"Alberto is not going to take the government to the bedside table,"
warned Larroque ominously, the report discloses.

Government officials, speaking off the record, reacted to the
comments with the usual line: "We continue to govern, they talk, we
work," the report relays.  Only Security Minister Anibal Fernandez
broke ground to defend the president.

"The president is not going to be squeezed with stupid statements,"
said the minister, who went on to play down reports of a
untraversable rift, the report says.

"I am convinced that in the short term it will be resolved," he
told El Destape Radio, referring to the lack of communication
between the presidential duo. "Sometimes things are not seen in the
same way and debates have to be generated," the report notes.

At least one Cabinet minister, however, accepted that tensions were
running high, the report relays.

"Neither Peronists nor anti-Peronists are happy with Argentina,"
said Interior Minister Eduardo 'Wado' De Pedro. "We have to
overcome these disputes that have not served the country or anyone
else, and seek to build a different country," the report
discloses.

According to reports, a number of ruling coalition deputies -
including lawmakers Carlos Heller and Leandro Santoro - have called
for the creation of "a political round table" to resolve internal
differences, the report adds.

                 Guzman Targeted (Again)

Once again, the target of much of the Kirchnerite ire continues to
be Economy Minister Martin Guzman, with criticism also extended to
the portfolio heads of Production and Labour, Matias Kulfas and
Claudio Moroni, the report relays.

Speaking earlier, Guzman defended his steering of the economy,
underlined that activity would continue to recover this year and
called for an end to "short-term thinking," the report notes.

"Argentina has a clear opportunity: a strong recovery last year and
a continuation of the recovery is projected for this year," the
minister said at an event with entrepreneurs in Salta, the report
relays.

Echoing the language voiced by the International Monetary Fund,
Guzman argued that the country "needs stability that allows us to
move away from short-term thinking," a not-so subtle response to
criticism from the Kirchnerite sector of the ruling coalition,
which has called for greater public spending to assist citizens
struggling with high inflation, which private economists believe
could top 60 percent this year, the report notes.

"The key to any programme that seeks to attack inflationary
processes is to have an impact on expectations and for this to
happen, there must be certainty about the course," declared the
minister, the report says.

Guzman, who has been publicly and regularly backed by President
Fernandez, received backing from the president of the Argentine
Industrial Union (UIA), Daniel Funes de Rioja, who described the
minister's economic programme as "consistent," the report relays.

Funes de Rioja said in comments to the local radio station that the
industrial sector agrees with Guzman's diagnoses of Argentina's
problems and said the minister "has the right to make the right
decisions," the report adds.

                     About Argentina

Argentina is a country located mostly in the southern half of
South America.  Its capital is Buenos Aires. Alberto Angel
Fernandez is the current president of Argentina after winning
the October 2019 general election. He succeeded Mauricio
Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however,
its economic performance has been very uneven, with high
economic growth alternating with severe recessions, income
maldistribution and in the recent decades, increasing poverty.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in
up-front net financing. This has averted the risk of a default to
the IMF and is facilitating a parallel rescheduling of Paris
Club debt.

As reported by The Troubled Company Reporter - Latin America on
April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
Fitch added that it is uncertain whether the EFF will be a
strong anchor for macroeconomic stabilization. Its policy
requirements are fairly unambitious relative to other IMF
programs and in light of the economy's deep imbalances, but it
faces heightened risk nonetheless from weak political support and
spill-overs from the Russia-Ukraine war, says Fitch.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020. Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.  DBRS' credit rating for Argentina is CCC, given
on Sept. 11, 2020.




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B R A Z I L
===========

BRF SA: Pledges Changes After Bad First Quarter; Shares Tumble
--------------------------------------------------------------
Ana Mano at Reuters reports that Brazilian food processor BRF SA
attributed disappointing first-quarter results to a rise in costs
and inflation in its domestic market, and vowed to boost its
margins and return to profitability.

In separate calls with analysts and journalists to discuss the
results, BRF Chief Executive Officer Lorival Luz said management is
preparing measures "to simplify" the company's structure, declining
to elaborate, according to Reuters.

He said the plan does not involve asset sales or factory closures,
the report notes.

"We will change the way we operate in all areas of the company, we
will simplify processes and procedures," Luz said, adding that some
of the measures will be introduced this month, the report relays.
"The aim is to become more dynamic and effective, to work with
agility towards our goals of growing and posting profits in a
sustainable way," he added.

The poultry and pork processor posted a loss of BRL1.5 billion
($298.5 million) in the first quarter, and burned more than twice
that amount in cash as it weathered the economic downturn in
Brazil, the report notes.

The results reflected poor food sales and margins in the South
American country and the impact of a derivative-related write-off
of BRL406 million, the report say.

BRF's new Chief Financial Officer Fabio Mariano said the expense
tied to a corn derivative position had to be recognized in the
first quarter, the report discloses.

"When we look back, it was not quite the right decision," he said
in response to a question from Reuters, referring to the merit of
that hedge position, the report notes.

BRF shares were down around 12% at one point in morning trading
before paring losses to trade 6.3% lower in Sao Paulo, making it
one of the biggest losers on the exchange, the report says.

Credit Suisse analysts said BRF was going through "testing times,"
the report relays.

"We believe consensus will significantly trim their estimates to
reflect the somewhat unexpected new scenario," the analysts wrote.
"The company's production chain is long and complex, which demands
a few quarters to get it back on track again," the report notes.

Referring to the first-quarter results, JP Morgan said "we didn't
see that coming," and downgraded the stock to underperform, the
report discloses.

"We think the macro scenario remains challenging, with corn prices
near all-time highs and logistics costs at elevated levels, while
China lockdowns pose risks to a big part of BRF's export market,"
JP Morgan said, the report adds.

As reported in the Troubled Company Reporter-Latin America on May
12, 2022, Fitch Ratings has affirmed BRF S.A.'s (BRF) Long-Term
Foreign and Local Currency Issuer Default Rating and senior
unsecured notes at 'BB'. Fitch has also affirmed BRF's National
Rating and Debentures at 'AA+(bra)'. The Rating Outlook remains
Stable.




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C H I L E
=========

LATAM AIRLINES: Creditors Vote in Favor of Bankruptcy Exit Plan
---------------------------------------------------------------
LATAM Airlines Group S.A. (SSE: LTM) along with its affiliates in
Brazil, Chile, Colombia, Ecuador, Peru, and the United States, said
May 6, 2022, that its Plan of Reorganization reached sufficient
support of around 82% in dollar amount and around 65% in number of
voting creditors in the Plan's impaired classes.  

These results do not yet include holders of RCF claims, who had
until May 10, 2022 to submit their votes.

Over the course of the past several months, LATAM has continued to
engage in extensive negotiations and a mediation process, working
hard to resolve any concerns with the Plan.  LATAM remains
confident that the Plan represents an equitable outcome with
consideration to all stakeholders.  If confirmed, the Plan would
infuse new funds into the Group through a mix of equity,
convertible notes, and debt, and would strengthen its balance
sheet, liquidity and capital structure for go-forward operations.

As previously announced, the Confirmation Hearing is set to take
place on May 17 and 18, 2022, at which point the Court will
evaluate the Plan, the last milestone of the bankruptcy process in
the United States. LATAM continues to target completion of the
process and emergence from Chapter 11 in the second half of 2022.

The Plan, Disclosure Statement, and other relevant case materials
can be accessed publicly at https://cases.ra.kroll.com/LATAM/.

                           *     *     *

Bloomberg reports that support by 65% of the low-ranking creditors
gives Latam a crucial level of support before asking its bankruptcy
judge to sign off on the deal later this month. The company will
still have to defeat objections to the proposal from dissenting
creditors who say the deal is unfair.

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Tax Collected at US$1.2 Billion in April
------------------------------------------------------------
Dominican Today reports that the General Directorate of Internal
Taxes (DGII) reported that the collections corresponding to the
month of April 2022 amounted to RD$68.2 billion (US$1.2 billion)
for a compliance of 114.4% in relation to what is estimated for
this period.

According to a statement, this level of compliance is equivalent to
RD$8.6 billion above the estimate in the General State Budget for
the year 2022, the report notes.

The DGII accumulated a collection in the months of January-April of
this 2022 amounting to RD$220.2 billion, the report adds.

                 About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican Today related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.  The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.  S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings.  The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.  A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.





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G R E N A D A
=============

GRENADA: Econ. Growth to Continue but at Slower Pace, Says IMF
--------------------------------------------------------------
The International Monetary Fund issued a statement disclosing that
Grenada's tourism-dependent economy was hit hard by the pandemic,
with a decline in real output of 14% in 2020. Growth in 2021 is
estimated to have partly recovered to 5.6%, driven by construction
and agriculture. The authorities' policy response helped mitigate
the pandemic's impact through containment measures, increased
health and social spending, and an expanded public investment
program. Central government debt rose and the current account
deficit widened. The financial sector has so far weathered the
crisis well.

Economic growth is expected to continue into 2022, though at a
slower pace of 3.6%, on the back of construction activity, the
gradual pickup in tourist arrivals, and the recovery in offshore
education. The war in Ukraine affects Grenada primarily through
higher commodity prices and represents a significant headwind to
the outlook. The major risks to the outlook are a further rise in
global commodity prices, which could lead to further increase in
inflation, and/or a more prolonged pandemic, with implications for
recovery in tourism-related activities.

The government is committed to a return to the fiscal rules in
2023, after triggering the escape clause in 2020–22 to allow for
counter-cyclical fiscal policy. It is also weighing the options of
amending its fiscal responsibility law to best support the
country's sustainable development. The government is seeking
international support to facilitate the implementation of its
Disaster Resilience Strategy and a transition towards renewable
energy, critical for enhancing resilience to natural disasters and
economic competitiveness.

                  Executive Board Assessment

Executive Directors agreed with the thrust of the staff appraisal.
They commended the authorities' timely response to the pandemic,
facilitated by past fiscal prudence, that helped mitigate its
impact on Grenada's tourism-dependent economy. Directors noted that
while the near-term outlook is favorable, it remains subject to
significant downside risks, including from the impact of the war in
Ukraine on food and commodity prices, and potential worsening of
the trajectory of the pandemic. They agreed that the immediate
policy priorities are to accelerate vaccination and provide
time-bound fiscal support for the most vulnerable. Implementing
reforms targeted at building resilience to climate change and
increasing economic diversification will also be necessary to
promote higher and more inclusive long-term growth.

Directors agreed that triggering the escape clause under the fiscal
responsibility framework (FRF) for the third time was appropriate
given the still difficult economic situation. However, they
encouraged a timely return to fiscal rules and a strengthening of
the FRF over time -- supported by the Fund's technical
assistance—to help underpin fiscal credibility and debt
sustainability and better support the country's development needs.
Directors stressed the importance of securing concessional
financing and mobilizing domestic resources to strengthen
resilience-building investments and welcomed the continuing efforts
to increase spending efficiency and transparency. They also noted
the potential fiscal risks from the recent court ruling on public
pensions and underscored the need to ensure the system's
sustainability.

Directors agreed that the financial sector has been resilient in
the face of the pandemic shock. However, they noted that asset
quality should be monitored closely as loan moratoria and
regulatory forbearance expire. Directors called for increased
provisioning and strengthened supervisory oversight of credit
unions. They also underscored the need for further strengthening of
the AML/CFT framework also to help maintain correspondent banking
relationships.

Directors welcomed the authorities' commitment to implement their
Disaster Resilience Strategy to strengthen Grenada's resilience to
climate change and transition towards renewable energy. To further
increase competitiveness and boost growth, Directors encouraged the
authorities to increase the value-added in tourism through deeper
linkages across sectors, diversify tourism sources, and improve
cost competitiveness. Addressing long-standing labor skills
mismatches should also be prioritized.




===========
M E X I C O
===========

DURANGO MUNICIPALITY: Moody's Withdraws 'B3' Issuer Ratings
-----------------------------------------------------------
Moody's de Mexico S.A.de C.V, has withdrawn the B3 (Global Scale,
local currency) and B1.mx (Mexico National Scale) issuer ratings of
the Municipality of Durango. Moody's has also withdrawn the
negative outlook and the b3 baseline credit assessment (BCA).

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

The period of time covered in the financial information used to
determine Durango, Municipality of's rating is between January 01,
2017 and December 31, 2021 (source: Financial Statements of the
Municipality of Durango: 2017-2021).



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T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Will Use Oil Revenue to Pay Bills, Says Minister
-------------------------------------------------------------------
Trinidad Express reports that as global oil prices continue to
skyrocket due to the ongoing conflict between Russia and Ukraine,
this country is using the revenue to pay bills which it incurred
during the Covid-19 pandemic.

That's according to Energy Minister Stuart Young, in an interview
with CNN's International business anchor, Richard Quest, during a
Quest Means Business segment, according to Trinidad Express.

Quest put to Young that the windfall this country is enjoying from
the increasing oil prices is a tremendous amount of reve­nue.
However, the minister quickly stated that he would not say it is a
tremendous amount of revenue, the report relays.

"As a Government, what you really doing is making those revenue
increases off of taxation, so you wait for it to come in. Also as a
Government just coming out of a very difficult time in the
pandemic, you will have bills to pay, so we will pay our bills. The
Government revenue is set to look after approximately 1.4 million
people, who quite frankly have a good life. So we would be spending
it on our education, which we spend billions on, and other things
that are necessary to run the country," he added.

Young told Quest apart from natural gas increase, there was also an
increase in revenue from ammonia products, the report relays.

"You know with prices of ammonia, they have climbed from around
US$180 a metric tonne and its now hovering around US$1,400 a metric
tonne, so there is a significant increase in revenue to these
energy companies and we will see some in our coffers as well,"
Young said, the report notes.

Quest also asked the minister how he believes the world should wean
itself off Russia oil and gas, as Hungary has said "to withdraw
Russian oil and gas will be like hitting the economy with an atomic
bomb," the report discloses.

Young noted that what has to be looked at globally is what other
countries can help contribute by ramping up production, so that's
where T&T wants to come in and assist, the report says.

"You know, Richard, there is another conversation taking place with
respect to weaning yourself off of gas. We see it as completely
different. So there's a whole renewable conversation which we're in
support of, but we see gas is the cleanest hydrocarbon fossil fuel.
And we actually think gas is going to be around for decades.

"So, for example, in Trinidad 99.9 per cent of our electricity
needs are derived from the natural gas that we produce. So how do
the rest of the world, in particular Europe, deal with this current
crisis? You have to look at where there is an alternative supply of
natural gas and, hey, Trini­dad and Tobago is one of those
places," he added, notes the report.




===============
X X X X X X X X
===============

[*] U.S. Seeks to Bolster Latin America Economies to Curb Migration
-------------------------------------------------------------------
Buenos Aires Times reports that the Joe Biden administration is
working on a proposal to bolster economies in Latin America and
strengthen US ties ahead of a key regional summit the United States
will host next month to help confront the challenge of
fast-increasing migration.

The proposed economic framework, still in the early stages, will
address issues including so-called nearshoring and supply-chain
vulnerabilities revealed by the pandemic, according to people
familiar with the process, who asked not to be identified because
the plans aren't public, according to Buenos Aires Times.  The US
has started to discuss the initiative with countries in the region,
and the White House is working on ideas with the US Trade
Representative's office and the Commerce Department, the people
said, the report notes.

The framework would seek to set a new course for economic
integration with the region and create an environment of stability
to help attract private investment in countries where a lack of
development and opportunities have spurred millions of people to
migrate to the United States, the report relays.

                          China's Role

The proposal also would counter China's growing role in the area,
where the United States' top geopolitical rival has increased
economic ties through its Belt and Road Initiative, according to
the people, the report relays.

The framework would boost the focus on trade and economic
cooperation at the Summit of the Americas that the US is hosting
for the first time in almost three decades in Los Angeles June
6-10. While summit discussion topics include the pandemic response
and promoting a green and equitable recovery, the gathering is
widely expected to focus on migration, the report discloses.

The summit comes as the number of undocumented migrants encountered
at the US border surged to more than 220,000 in March, the most in
more than two decades, as people leave desperate situations in
countries from Venezuela, Nicaragua and Cuba to the Northern
Triangle nations of Honduras, El Salvador, Guatemala, as well as US
neighbor Mexico, the report relays.

The Biden administration is preparing for a further surge as it
ends a public-health policy based on Covid-19 concerns that has
allowed the speedy expulsion of migrants crossing the border since
March 2020, the report relays.  The administration plans to end
that policy, known as Title 42, on May 23, just days before the
summit, the report notes.

The economic initiative would fit a Biden administration push
globally to move beyond the traditional free-trade agreements
negotiated by its predecessors, the report says.

In September, the administration launched the US-EU Trade and
Technology Council with the European Union, with another meeting
scheduled for this month, the report relays.  It's also preparing
to negotiate the Indo-Pacific Economic Framework, or IPEF, with
countries including Japan, Singapore and New Zealand, the report
discloses.

The Latin America framework likely will be distinct from the other
initiatives based on the different challenges in the region, the
people said, the report notes.

The White House, Commerce Department and USTR declined to comment.

The framework would provide a partial return to the trade focus of
the Summit of the Americas, which was first hosted by former US
president Bill Clinton in Miami in 1994 and normally takes place
every three to four years, the report relays.

The first gathering took place a year after the United States,
Mexico and Canada had just signed the North American Free Trade
Agreement, the report relates.  Since then, the US has signed
free-trade deals with Chile, Colombia, Costa Rica, the Dominican
Republic, El Salvador, Guatemala, Honduras, Nicaragua, Panama and
Peru, the report adds.

                        Ageing Pacts

The United States agreed to a Nafta replacement agreement with
Mexico and Canada under demands from former US president Donald
Trump, which went into effect in 2020. But its pacts with other
countries in Latin America are almost all more than a decade old,
and the framework would build upon those deals, the report notes.

The chance for the Washington to update its trade rules with Chile
and Peru was lost when Trump in 2017 withdrew the US from the
Trans-Pacific Partnership, or TPP, which also included several
nations in Asia, the report discloses.

In that sense, a Latin American framework would have a similar
impetus to the deal in the Indo-Pacific, which the Biden
administration is using to get more involved and set standards in
areas including decarbonization and digital technologies after
deciding not to join the TPP's successor agreement reached by the
11 remaining nations, the report says.

But countries in the Americas have sometimes struggled to agree on
trade issues, the report relays.  The first Summit of the Americas
in 1994 was used to launch the idea of extending Nafta's free trade
to include Central and South America, the report notes.  That push
collapsed in 2005 over differences including demands from leftist
governments in Argentina and Brazil that the US eliminate
agricultural subsidies, the report adds.




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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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