Recent rainfall has provided some relief to drought-hit Colombia, but with reservoir levels still perilously low, risks to hydropower generation - and consequently activity and inflation - continue to linger. Elsewhere, the positive budget numbers from Argentina this week are undoubtedly good news, but the recent large anti-austerity protests - if continued - pose a threat to President Milei's ambitious fiscal plans. Finally, Ecuador's new IMF deal should help to ease near-term default risks but President Noboa's commitment to austerity will be put to the test as next year's presidential election approaches.
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