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250919.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, September 19, 2025, Vol. 26, No. 188 Headlines A R G E N T I N A ARGENTINA: Shale Can Resist Political Risk, Milei Oil, Chief Says B E R M U D A NABORS INDUSTRIES: Amends $250-Mil. Receivables Purchase Agreement D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Registers US$4.5 Billion in Foreign Investment G U A T E M A L A GUATEMALA: Management has Supported Resilient Economy, IMF Says J A M A I C A JAMAICA: NIR Edges Up to US$6.15 Billion in August T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Banks, Insurers Exposed to Government Debt T U R K S A N D C A I C O S I S L A N D S FORTISTCI LIMITED: Fitch Lowers IDR to 'BB' & Then Withdraws Rating X X X X X X X X LATAM: IDB OKs $2.5BB & Rapid Response Task Force for Security - - - - - ================= A R G E N T I N A ================= ARGENTINA: Shale Can Resist Political Risk, Milei Oil, Chief Says ----------------------------------------------------------------- Jonathan Gilbert at Bloomberg News reports that Argentina's plans to lure investors to finance shale oil and gas infrastructure can withstand short-term political risk, according the country's energy chief, Daniel Gonzalez. President Javier Milei's sweeping market-oriented reforms over the past two years have helped shale producers and transporters access global credit, including a signature project-finance deal for a pipeline to export crude, according to Bloomberg News. But after voters in Argentina's biggest province took the wind out of Milei's sails in a September 7 election, and gave a boost to the leftist opposition, markets have sold off and the country's risk premium has jumped, Bloomberg News notes. "When you build a pipeline for the next 20 or 30 years, you're not looking at a provincial election," Gonzalez said on the sidelines of an event in Buenos Aires, Bloomberg News relays. "It might not be the time to issue debt, but, while you have an open economy, it doesn't impact long-term projects at all," he added. Shale producers are still trying to firm up several major projects, including a new pipeline to supply floating liquefaction units and an even-more ambitious LNG terminal, Bloomberg News notes. Argentine shale investors need future governments to "maintain free-market policies," Ana Simonato, Chevron Corp's country manager in Argentina said at a separate Buenos Aires oil conference, Bloomberg News relays. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez 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. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B E R M U D A ============= NABORS INDUSTRIES: Amends $250-Mil. Receivables Purchase Agreement ------------------------------------------------------------------ Nabors Industries Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Nabors Industries, Inc. a Delaware corporation, Nabors A.R.F., LLC, a bankruptcy remote special purpose entity organized under the laws of Delaware, Wells Fargo Bank, N.A. as administrative agent and the purchasers party thereto, entered into the Fifth Amendment to the Receivables Purchase Agreement, amending that certain Receivables Purchase Agreement dated September 13, 2019 (as amended by that certain First Amendment to the Receivables Purchase Agreement dated July 13, 2021, by that certain Second Amendment to the Receivables Purchase Agreement dated May 13, 2022, by that certain Third Amendment to the Receivables Purchase Agreement dated June 29, 2022, and by that certain Fourth Amendment to the Receivables Purchase Agreement dated April 1, 2024, the "Existing Purchase Agreement" and, as amended by the Fifth Purchase Agreement Amendment, the "Purchase Agreement"). NARF, Nabors Delaware, and certain operating subsidiaries of Nabors Industries Ltd., a Bermuda exempted company, also entered into the First Amendment and Joinder to Receivables Sale Agreement, amending and joining additional parties to that certain Receivables Sale Agreement dated September 13, 2019. Furthermore, the Company and the Administrative Agent also entered into the Amended and Restated Indemnification Agreement dated August 29, 2025 amending and restating that certain Indemnification Agreement dated September 13, 2019. The First Sale Agreement Amendment amends the Sale Agreement to, among other things, add certain subsidiaries of Parker Drilling Company, an indirect wholly-owned subsidiary of the Company, as originators. The Fifth Purchase Agreement Amendment amends the Purchase Agreement to make changes to reflect the joinder of the Additional Originators. The Fifth Purchase Agreement Amendment does not increase the Facility Limit, which remains $250 million. The A&R Indemnification Agreement revises the Existing Indemnification Agreement to guarantee the indemnification and other payments obligations of the Additional Originators to NARF, the Administrative Agent and the Purchasers (as applicable) under the Purchase Agreement and the Sale Agreement. Under the A&R Indemnification Agreement, the Company will also reimburse the Administrative Agent for all costs incurred in connection with the Administrative Agent's enforcement of the Guarantee, with such obligations to incur interest at a rate equal to the lesser of Adjusted Daily One Month Term SOFR or the maximum rate allowed by applicable law. Copies of the Fifth Purchase Agreement Amendment, the First Sale Agreement Amendment and the A&R Indemnification Agreement, of which are filed as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3, respectively, to the Report on Form 8-K, are available at https://tinyurl.com/23km7ds4 About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. As of June 30, 2025, the Company had $5.04 billion in total assets, $3.59 billion in total liabilities, and $640.33 million in total stockholders' equity. * * * Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Registers US$4.5 Billion in Foreign Investment ------------------------------------------------------------------ Dominican Today reports that President Luis Abinader disclosed that the Dominican Republic reached US$4.523 billion in foreign direct investment (FDI) in 2024, and projects to exceed US$4.860 billion by the end of 2025, marking four consecutive years of record figures. The announcement was made during the "Investment Recognition" event organized by ProDominicana, which honored 11 companies for their contributions to FDI in the country, according to Dominican Today. Abinader emphasized that foreign investment is a key driver of economic growth, generating quality jobs, innovation, and sector diversification, the report notes. Strategic sectors benefiting from FDI include tourism, energy, free trade zones, telecommunications, trade and industry, real estate, mining, and transportation, the report relays. He highlighted projects like the new tourist center in Cabo Rojo, Pedernales, aimed at attracting visitors and improving local well-being, the report notes. The president also underscored the country's commitment to sustainability and technological advancement, with 25% renewable energy generation and growing investment in high-tech industries such as semiconductors, the report discloses. He invited investors to continue seeing the Dominican Republic as a prime destination due to its macroeconomic stability, legal security, openness, and trust, calling the nation "fertile soil" for investment that drives wealth creation and transformation, the report says. 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. TCR-LA reported in April 2019 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. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ================= G U A T E M A L A ================= GUATEMALA: Management has Supported Resilient Economy, IMF Says --------------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Guatemala. The authorities have consented to the publication of the Staff Report prepared for this consultation. The IMF stated: "Thanks to prudent macroeconomic management, Guatemala has maintained a resilient economy, achieved low inflation, ample policy buffers and, for the last few years, a positive current account; all these factors have contributed to increasingly favorable market access. However, reforms are needed to shift the country into a high investment/high growth equilibrium and to meaningfully reduce poverty." The IMF continued to note that the macroeconomic outlook remains strong, though there is elevated uncertainty related to changing trade and migration policies abroad. Economic growth is expected to hold at 3.8 percent in 2025, with the sizeable fiscal impulse offsetting the softening in private demand. External headwinds are expected to keep growth around 3.5 percent in 2026–27, while in later years, growth could converge to 4 percent owing to infrastructure investments and ongoing reforms, including to improve governance and quality of public spending. Inflation is projected to gradually return to the monetary policy target (4 percent ± 1 percentage point). Fiscal deficits of about 3 percent of GDP are expected to persist in the medium term, leading to public debt reaching 30 percent of GDP by the end of the projection period. The balance of risks is tilted to the downside. Domestically, the political opportunities for advancing necessary reforms remain constrained. Externally, trade policy uncertainty and risks to global growth can heavily impact investment decisions, while shifts in migration policy in destination countries pose risks to remittance-supported spending. Changes in the domestic labor market on account of declining net emigration could be an opportunity, but also pose challenges. Guatemala also remains vulnerable to severe weather events. Executive Board Assessment Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities' prudent macroeconomic policies, which have delivered low inflation and robust policy buffers. They noted that Guatemala's economy remains resilient and generally well positioned to face external shocks and domestic challenges. Nonetheless, Directors stressed that maintaining growth momentum and achieving sustainable and inclusive growth in the medium term will require determined implementation of reforms including better-quality public spending and continued improvements in governance and the business climate. Directors generally considered the 2025 expansionary fiscal stance appropriate given softening private demand. Over the medium term, reverting fiscal deficits to historical averages of around 2 percent of GDP would be warranted. In this regard, revenue and expenditure reforms will be essential for maintaining fiscal sustainability while accommodating higher infrastructure and social spending. In particular, Directors highlighted the need to strengthen revenue mobilization, improve the targeting of social programs and the efficiency of public spending, enhance budget planning and execution, and strengthen public financial management. Directors also encouraged increasing reliance on domestic funding, anchored in a credible medium-term debt management strategy. Directors considered the current monetary policy stance and Banguat's response to large remittance inflows - guided by an intervention rule - to be broadly appropriate. They encouraged the authorities to continue strengthening monetary policy transmission. They emphasized the importance of improving policy coordination between Banguat and the Ministry of Finance, particularly to alleviate sizable sterilization costs, and supported continued efforts to enhance exchange rate flexibility in a well-communicated manner. Directors acknowledged the resilience of the financial system and commended the authorities' efforts to strengthen banking regulation and supervision. They underscored the importance of further expanding risk-based supervision, further developing the macroprudential toolkit, and enhancing oversight of fintech and digital financial services. Directors encouraged the authorities to prioritize revising the 2002 Law on Banks and Financial Groups, completing the transition to International Financial Reporting Standards, advancing the draft Secondary Market Law, approving the e-money law, and implementing the financial inclusion strategy. Directors emphasized the critical need to enhance governance and advance structural reforms to foster inclusive growth. They urged the authorities to prioritize the adoption of new laws, including an AML/CFT Law, a Beneficial Ownership Law, a Public Procurement Law, and a Law for the Protection of Whistleblowers. Directors commended the authorities for addressing corruption risks in municipal investment projects administered by Department Development Councils (CODEDEs) but stressed the need for stronger oversight and capacity-building for CODEDEs. They encouraged consolidating institutional gains through a medium-term anticorruption strategy. Continued efforts to formalize the economy and improve the business climate will also be important. It is expected that the next Article IV consultation with Guatemala will be held on the standard 12-month cycle. ============= J A M A I C A ============= JAMAICA: NIR Edges Up to US$6.15 Billion in August -------------------------------------------------- RJR News reports that Jamaica's net international reserves climbed by US$38 million in August to stand at US$6.15 billion, up from US$6.11 billion at the end of July. The Bank of Jamaica says the increase was due to a rise in foreign assets to US$6.18 billion while foreign liabilities also edged up to US$29.1 million, according to RJR News. At the end of August the reserves were enough to purchase 51 weeks of goods and 32 weeks of goods and services, unchanged from July, the report relays. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Banks, Insurers Exposed to Government Debt ------------------------------------------------------------- Joel Julien at Trinidad Express reports that falling revenue has pushed the Trinidad and Tobago government to borrow more from local banks, heightening the country's financial risks, the Central Bank has warned. Domestic banks and insurers already face significant exposure to Government debt, and stress tests indicate that even a major bank could fall below safety levels if the State struggles to repay, the Central Bank cautioned in its 2024 Financial Stability Report, according to Trinidad Express. "Preliminary data on economic activity show softer energy sector output and slowing non-energy sector activity in the first quarter of 2025. Lower government revenue has amplified the fiscal deficit, necessitating greater borrowing on the domestic market, the report notes. As a consequence, sovereign concentrations and elevated interconnectedness in the financial system remain key vulnerabilities," stated acting inspector of financial institutions Michelle Francis-Pantor, the report relays. In the foreword for the report, which was published, Francis-Pantor stated that the domestic financial system remained stable in 2024, supported by strong capital buffers and profitability, low inflation and relatively improved global economic and financial conditions, the report discloses. "Financial institutions continued to enhance their competitiveness and operational resilience through the greater integration of digital technologies. Ongoing progress in governance, risk mitigation, and policy compliance also contributed to the overall soundness of the financial system," she stated, the report relays. This year's Financial Stability Report is centred on the theme: "Navigating Global Uncertainty: Safeguarding Domestic Financial Stability," the report discloses. The report identified sovereign debt concentration, cybersecurity, liquidity risk, and household indebtedness as the key risks shaping domestic financial stability in 2024, the report notes. Country's Fiscal Position 'Weakened Significantly' The report stated that this country's fiscal position "weakened significantly" with the Central Government recording a larger deficit of 5.3% of GDP in FY 2024, primarily due to lower energy revenues despite higher non-energy receipts, the report relays. "As a result, adjusted general government debt edged up to $140.6 billion (81.7% of GDP) from $136.5 billion (78.2% of GDP) one year earlier. Credit growth persisted, particularly within the household sector," it stated, the report relates. The report stated that the financial sector's sovereign exposure remained elevated in 2024, the report recalls. Commercial banks and insurers maintained significant exposure to domestic sovereign debt in 2024, largely driven by government borrowing to finance persistent fiscal deficits, it stated, the report notes. "While buffers such as the Heritage and Stabilisation Fund add some resilience to stability against sovereign risk, the results of stress tests revealed that the risk remains significant and its crystalisation could lower capital adequacy ratios below regulatory thresholds in a few financial institutions, including at least one domestic systemically important bank. The finding underscores the importance of ongoing supervisory work to monitor and address the risk to financial stability emanating from increasing sovereign indebtedness in the face of declining fiscal space," it stated, the report relays. 'External Debt Relative Unchanged' Despite issuing a US$750 million bond on international markets in June 2024, external debt remained relatively unchanged at 21.4% of GDP, the report stated. "While not considered government borrowings, the government withdrew US$369.9 million (roughly $2.5 billion) from the HSF for budget support in 2024," it stated. The report noted that large volumes of government borrowing for debt refinancing, combined with rising interest payments, heighten rollover risks. "Almost one-fifth of total government borrowings (18.4%) in FY2024 was earmarked for debt refinancing. Meanwhile, interest payments on external debt continued to trend upward over the last three fiscal years (FY2022–FY2024). At the end of FY2024, data suggested that 8.7% of debt will be due within the next 12 months—most of which is domestic debt. This could pose difficulties for future debt refinancing initiatives," it stated. Domestic debt holdings continued to represent the majority of the financial sector's sovereign exposure in 2024, it added, Trinidad Express discloses. "In terms of the composition of domestic holdings, since 2022, there has been a shift from short-term instruments (Treasury Bills) toward more medium- to longer-term instruments (Central Government securities). While the banking sector's domestic debt holdings as a share of its assets fell by the end of 2024, the pickup in the insurance sector's share of domestic debt holdings to its assets makes the sector more susceptible to sovereign distress," it stated, Trinidad Express relays. 'Profitability Could be Impacted' The report said given their sovereign asset exposures, the upward movement of the yield curve in 2024 could negatively impact financial institutions' profitability, the report relays. "The upward movement in the yield curve suggests that market participants perceive government securities riskier to hold and require higher compensation at various maturities. Financial institutions are vulnerable to interest rate risk as most of the sovereign domestic debt held carry fixed interest rates. Due to the inverse relationship between interest rates and the value of government bonds, an increase in the yield curve decreases the bond's value in the financial institutions' portfolio, which may affect returns. Further, given the greater credit risk of holding government securities, profitability can be impacted should the government fail to repay future interest and principal payments," it stated, the report relays. The report stated that stress tests suggest that the commercial banking sector remains vulnerable to credit risk from large exposures and this required continued monitoring, the report discloses. "Government and government-related entities represented 59.8% of reported large credit exposures, lower compared to 62.6% in 2023. Nonetheless, based on data to December 2024, when these exposures were stressed, some commercial banks recorded post-shock capital adequacy ratios (CARs) below the regulatory minimum of 10% in the event of a sovereign credit default. The sector's CAR declined by 8.7 percentage points leading to a post-shock CAR of 7.5%," it stated, the report notes. "On the other hand, when stress tests imposed a shock to large credit exposures by sector, in particular the 'Other services' sector (which the government and government-related entities account for the majority), the CAR fell by 6.2 percentage points to reach the regulatory minimum threshold of 10%," the report stated, Trinidad Express notes. Trinidad and Tobago's stock of official reserves stood at US$5.6 billion in December 2024, equivalent to approximately eight months of import cover, above the international benchmark of six months for commodity-exporting countries, the report discloses. "This was despite a withdrawal of US$369.9 million from the HSF to finance budgetary shortfalls. At the end of FY2024, the HSF amounted to approximately US$6.1 billion. Additionally, Trinidad and Tobago's access to international capital markets remain favourable as international credit rating agencies affirmed the country's creditworthiness in 2024. Domestic capital markets also provide an alternative avenue for debt financing; however, further development is required," it stated, the report notes. Looking ahead, the report said economic activity should receive a medium-term boost from the energy sector, the report discloses. "Higher interest payments are likely to place pressures on Government's finances in the near term, which may require additional budgetary support. However, a pickup in energy sector output is expected to improve fiscal outturns in the medium term. In light of the foregoing, as well as marginally lower domestic sovereign concentrations in the financial sector and a slightly improved stress test performance (compared to 2023), the overall risk to domestic financial stability remains 'moderate'," it stated, the report adds. =============================================== T U R K S A N D C A I C O S I S L A N D S =============================================== FORTISTCI LIMITED: Fitch Lowers IDR to 'BB' & Then Withdraws Rating ------------------------------------------------------------------- Fitch Ratings has downgraded FortisTCI Limited's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'BB' from 'BBB-'. The Rating Outlook is Stable. Fitch has simultaneously withdrawn the ratings for commercial reasons. The downgrade reflects the application of Fitch's "Parent Subsidiary Linkage Criteria". FortisTCI's change of control removes uplift previously derived from parent Fortis Inc. (BBB+/Stable). Fitch will no longer have sufficient information to maintain FortisTCI's ratings and will not provide ratings or analytical coverage for FortisTCI. The rating is being withdrawn for commercial reasons. Key Rating Drivers Not applicable as the ratings have been withdrawn. Peer Analysis Not applicable as the ratings have been withdrawn. Key Assumptions Not applicable as the ratings have been withdrawn. RATING SENSITIVITIES Rating sensitivities do not apply as the ratings have been withdrawn. Liquidity and Debt Structure Not applicable as the ratings have been withdrawn. Issuer Profile FortisTCI Limited and Turks & Caicos Utility/TCU (the group) own and operate a fully integrated electricity system that serves 98% of all electricity customers throughout the Turks & Caicos Islands (TCI). MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations FortisTCI Limited has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to its island location within an area prone to extreme natural disasters such as hurricanes, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- FortisTCI Limited LT IDR BB Downgrade BBB- LT IDR WD Withdrawn =============== X X X X X X X X =============== LATAM: IDB OKs $2.5BB & Rapid Response Task Force for Security -------------------------------------------------------------- During the Regional Security and Justice Summit, the Inter-American Development Bank (IDB) announced a historic commitment of an estimated $2.5 billion in loans for the next three years to strengthen citizen security in Latin America and the Caribbean, focusing on actions to promote community protection, strengthen institutions, and curb illicit financing. The Summit, organized by the IDB and Argentina's Ministry of National Security, brought together security and justice authorities from across the region, international strategic partners, civil society representatives, and experts in a space for regional dialogue and cooperation. This is the second regional meeting since last year's launch of the Alliance for Security, Justice and Development in Guayaquil, Ecuador. During the event, IDB Group President Ilan Goldfajn announced the new funding commitment and the launch of the Rapid Response Task Force against Violence and Organized Crime, a flexible technical assistance mechanism that will allow Alliance member countries to receive immediate support for security crises. This initiative seeks to complement medium- and long-term efforts with timely and coordinated responses. "With the launch of the Task Force and the historic commitment of $2.5 billion over the next three years, the Alliance is moving toward a new stage: a faster and more effective response to security crises and large-scale investment in the reforms our region needs for sustainable development," said President Goldfajn. The new Task Force is a permanent mechanism that can be activated when countries face sudden crises – whether an increase in violence, a surge in human trafficking, or institutional vulnerabilities – to provide advisory teams and short-term action plans to help governments coordinate police, prosecutors, prison systems, and other institutions when they need it most. In addition, the IDB is streamlining the preparation and approval processes for technical cooperation projects to support countries more quickly. The new processes will allow technical cooperation for security emergencies to be prepared and approved within 15 days. Balance and Growth During the summit, Argentina assumed the pro tempore presidency of the Alliance, succeeding Ecuador, which led the initiative during its founding year. The Alliance has made concrete progress in its three pillars: protecting vulnerable populations, strengthening institutions, and disrupting illicit financial flows. In its first year, the Alliance grew and took action. It helped launch guidelines for combating human trafficking, supported the creation of an app for the digital exchange of criminal records, and developed operational tools to address environmental and financial crimes. Additionally, the IDB has approved $550 million in loans for Ecuador since the Alliance's inception to strengthen crime prevention and regulate illegal mining. In Argentina, the IDB is collaborating with national authorities on two priority fronts: strengthening federal security institutions and modernizing the criminal justice system through the implementation of the new Federal Criminal Procedure Code. The IDB's Citizen Security Division, the first at a multilateral development bank, leads these efforts with a comprehensive approach that combines technical assistance, financing, innovation, and regional cooperation. With the launch of the Task Force and the significant increase in resources, the Alliance enters a new phase: capable of responding to immediate crises and mobilizing large-scale financing for structural reforms. The IDB reaffirms its commitment to working alongside countries in the region to build safer and more just communities and create the conditions for sustainable development. ********* 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 2025. 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. . * * * End of Transmission * * *