Historic Drought Plummets Argentina's Exports and Forces Reserves Target Revision

LUIS PALACIOS, ARGENTINA - MARCH 13: Farmers stock seeds in silo bags to feed cattle amid a catastrophic drought that affects the region on March 13, 2023 in Luis Palacios, Argentina. Argentina and the International Monetary Fund reached staff-level agreement to review the targets of reserves for 2023 due to the catastrophic droughts that affect the country. Agriculture export revenues generate a major part of the much-needed reserves of dollars as part of a 44 billion dollars repayment plan with IMF. According to experts, this drought, linked to a third straight La Niña climate pattern, is the worst in sixty years and affects 55% of the country. Argentina is the world's top exporter of soy oil and meal, the third for corn and a major supplier of beef and wheat. (Photo by Sebastian Lopez Brach/Getty Images)