Argentina wants China to fully fund $8.3 bln nuclear plant 

Argentina wants China to fully fund $8.3 bln nuclear plant amid cash shortfall. By Eliana Raszewski, 6 Apr 22, LIMA, Argentina, (Reuters) – Argentina is pushing China to fully finance a new $8.3 billion nuclear power plant in the country, as the government grapples with high debt levels and looks to bring down its fiscal deficit as part of a recent deal with the International Monetary Fund.

The South American nation signed an agreement with the China National Nuclear Corporation (CNNC) for construction of a nuclear power plant in February. CNNC at the time said it would finance 85% of the cost, with Argentina shouldering the rest.

The country, however, now faces a tighter fiscal outlook. It needs to hit a fiscal balance by 2025 from a 3% deficit last year under terms of a recent $44 billion IMF program, including cutting billions of dollars in energy subsidies.

“We’re aiming for 100% in terms of financing from China to guarantee no delays given the problems we have with funding,” said Jorge Sidelnik, executive director of Argentina’s state operator Nucleoelectrica Argentina, the local partner…………………….     https://www.reuters.com/business/energy/argentina-wants-china-fully-fund-83-bln-nuclear-plant-amid-cash-shortfall-2022-04-05/

April 7, 2022 - Posted by Christina Macpherson | business and costs, politics international, SOUTH AMERICA