Pre-Trading Thoughts

The Finance Ministry yesterday released its preliminary budget report: growth projection slashed again to 4.0%, inflation targets revised upwards to an average of 18.1%, and budget deficit to widen slightly by 0.1 percentage point to 7.3%. The government is preparing to launch a USD1.1 billion program to implement the state ownership policy, and a document issued by the World Bank revealed that the government will obtain partial financing for the program worth USD250 million to cover th...