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

          Wednesday, June 1, 2022, Vol. 23, No. 103

                           Headlines



A R G E N T I N A

ARGENTINA: Top Anti-Inflation Official Resigns as Prices Surge


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: No Rice Import for First Time in 20 Yrs.
DOMINICAN REPUBLIC: Public Debt Rose to US$64.5 Billion in IQ


G U Y A N A

GUYANA: Signs Contract for Exxon Cost Recovery Audit


H O N D U R A S

HONDURAS: Remains 2nd Poorest American Nation


P E R U

PERU: ADEX Requests Authorities to Prioritize Works


P U E R T O   R I C O

CYMA CLEANING: Seeks to Hire Batista Law Group as Legal Counsel
PUERTO RICO: PREPA Debt Plan Deadline Extended to July 1

                           - - - - -


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

ARGENTINA: Top Anti-Inflation Official Resigns as Prices Surge
--------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that a senior
official in Argentina charged with leading government efforts to
tame sky-high inflation resigned due to differences over how to
contain steadily creeping prices, which have hobbled the country's
economy.

Annual inflation in the South American nation reached 58% in April,
as many food and energy prices surged in the aftermath of Russia's
invasion of Ukraine, with some analysts predicting consumer prices
will jump 70% later this year, according to globalinsolvency.com.

Domestic Trade Minister Roberto Feletti announced his move in a
post on Twitter along with his resignation letter after serving a
little more than seven months in the post and citing policy
"discrepancies" but without going into detail, the report
discloses.

The ministry Feletti led was folded into the economy ministry, as
internal tensions within the center-left ruling Peronists of
President Alberto Fernandez have spilled out into public. In a
statement issued later, Guillermo Hang, a central bank official,
was named the new domestic trade minister, 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.

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.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.




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

DOMINICAN REPUBLIC: No Rice Import for First Time in 20 Yrs.
------------------------------------------------------------
Dominican Today reports that President Luis Abinader said that the
Dominican government has doubled the amount of financing for the
agricultural sector and that for the first time in 20 years the
country does not have to import rice.

Speaking in the Latin American Presidential Panel of the World
Economic Forum held in Switzerland and in which the presidents of
Colombia, Ivan Duque; and from Costa Rica, Rodrigo Chavez, as well
as the vice president of Peru, Dina Boluarte, the Dominican leader
maintained that although "the recovery of tourism stands out, in
all areas of the economy we have done better," according to
Dominican Today.

"In the part of inflation we have had to go to a combination of
special financing, we have doubled the amount of financing to the
agricultural sector and that is why for the first time in 20 years
we do not have to import rice, we have an overproduction of
bananas, as well as record chicken production," the report relays.

                   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.


DOMINICAN REPUBLIC: Public Debt Rose to US$64.5 Billion in IQ
-------------------------------------------------------------
Dominican Today reports that in the first quarter of this year, the
consolidated public debt of the Dominican Republic increased again,
this time 5.26 billion dollars compared to how it closed in 2021.
However, it decreased from 62.6 to 60.2% of gross domestic product
(GDP), according to the most recent report published by the General
Directorate of Public Credit of the Ministry of Finance, the report
notes.

In the last quarter of last year, the country lowered the
consolidated public debt to 59.2 billion dollars, and as of March
2022 it rose to 64.47 billion dollars, being its highest quarterly
amount in the current government, which began on August 16, 2020,
according to official figures, according to Dominican Today.

The total consolidated debt of the Dominican Republic is divided
into two segments: that of the commitments assumed by the central
government with local or international creditors, among these
bondholders, countries or multilateral organizations, called the
Non-Financial Public Sector, and that of the debt issued by the
Central Bank, which is managed by the Financial Public Sector, the
report relays.

                   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.




===========
G U Y A N A
===========

GUYANA: Signs Contract for Exxon Cost Recovery Audit
----------------------------------------------------
RJR News reports that Guyana signed an agreement with a consortium
for accounting and consulting services for the cost recovery audit
and validation of the government's profit oil share.

Floyd Haynes of Ramdihal and Haynes Chartered Accounting says the
company's job is to verify the legitimacy and validity of claimed
costs by US oil giant, Exxon, according to RJR News.

The audit is intended to clear the air on some of the comments and
concerns raised about money owed to Guyana by Exxon, the report
notes.




===============
H O N D U R A S
===============

HONDURAS: Remains 2nd Poorest American Nation
---------------------------------------------
Jamaica Observer, citing World Bank study, reports that Honduras,
with 9.9 million inhabitants and an annual per capita income of
US$2,340 in 2020, remains the second-poorest country in the Western
Hemisphere after Haiti, with almost one in six Hondurans living on
less than US$1.90 a day.

The study, which was presented as part of the Country Private
Sector Diagnosis (CPSD) by the International Finance Corporation
(IFC) - the private sector arm of the World Bank Group - also
indicates that the growth of annual per capita income has averaged
only 1.2 per cent in Honduras since 1960, according to World Bank
study

It adds that a heavy reliance on agriculture; a high rate of
informality in all sectors; high vulnerability to external shocks
including natural disasters combined with high rates of crime and
violence; political instability; and a weak political and economic
environment; in addition to slowdown in economic growth perpetuate
structural poverty in Honduras, the report notes.

Strong foreign investment has generated limited cross-sector
spillovers, while inefficient public investment management and
onerous regulatory requirements limit the development of new
economic opportunities, the report relays.

Furthermore, slow economic growth and a limited distribution of
returns exacerbate crime and encourage migration, contributing to a
vicious cycle of persistent poverty and underdevelopment, the
report discloses.

Despite the difficulties, the World Bank Group (WB) report
indicates that promoting the participation of the private sector
can accelerate the growth of the Central American country, the
report notes.

The IFC's manager for Central America, Sanaa Abouzaid said that
"the private sector can play an important role in the effort to
promote inclusive economic growth," the report relays.

He added that the Private Sector Diagnosis "aims to offer tools to
guide Honduras in how to better take advantage of key industries
that can attract investment, diversify exports, create jobs and
accelerate economic recovery," the report adds.




=======
P E R U
=======

PERU: ADEX Requests Authorities to Prioritize Works
---------------------------------------------------
Rio Times Online reports that the Peruvian Exporters Association
(ADEX) sent a letter to the Ministry of Economy and Finance (MEF)
requesting the prioritization of works and the inclusion of others
in the National Infrastructure and Competitiveness Plan (PNIC).

The letter signed by the president of the association, Julio Perez
Alvan, requested to integrate the working groups that support the
identification of solutions to infrastructure problems and proposed
the need to prioritize a series of works in Callao, Lima, and
Paita, to improve the flow of foreign trade and economic recovery,
according to Rio Times Online.




=====================
P U E R T O   R I C O
=====================

CYMA CLEANING: Seeks to Hire Batista Law Group as Legal Counsel
---------------------------------------------------------------
CYMA Cleaning Contractors Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ The
Batista Law Group, PSC as its legal counsel.

The Debtor requires a legal counsel to represent its interest in
this Chapter 11 case.

The hourly rates of the firm's counsel and staff are as follows:

     Jesus E. Batista Sanchez, Esq. $275
     Associates                     $225
     Paralegals                     $100
     
Jesus Batista Sanchez, Esq., the principal of The Batista Law
Group, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Jesus E. Batista Sanchez, Esq.
     The Batista Law Group, PSC
     P.O. Box 191059
     San Juan, PR 00919
     Telephone: (787) 620-2856
     Facsimile: (787) 777-1589
     Email: jeb@batistasanchez.com

                 About CYMA Cleaning Contractors

CYMA Cleaning Contractors Inc. filed for Chapter 11 protection
(Bankr. D.P.R. Case No. 22-01377) on May 16, 2022, listing under
$1
million in both assets and liabilities. Ivelisse Gonzalez,
president, signed the petition. Jesus E. Batista Sanchez, Esq., at
The Batista Law Group, PSC serves as the Debtor's counsel.


PUERTO RICO: PREPA Debt Plan Deadline Extended to July 1
--------------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico utility,
Puerto Rico Electric Power Authority (PREPA) debt plan deadline
extended to July 1, 2022.

The judge overseeing the bankruptcy case for Puerto Rico's electric
utility extended to July 1, 2022 a deadline to submit details on a
possible agreement to slash the agency's debt.

U.S. District Court Judge Laura Taylor Swain May 27, 2022,
postponed a June 1 due date to July 1, 2022 after Puerto Rico's
federally appointed financial oversight board requested the
extension.  This is the second postponement for the parties
following an initial May 2 deadline.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                          *     *     *

The two Title III plans of adjustment have been confirmed to date,
for the Commonwealth and COFINA debtors.



                           *********


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
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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