Argentina’s new President, Mauricio Macri, has announced a $500m shale oil investment as part of his program to revive a stagnant economy after 12 years of populist economic policies, Latinone reported. In line with the overhaul policy, Macri has appointed ministers for his cabinet from among business executives such as Energy Minister, Juan José Aranguren, who was the former CEO of Shell Argentina.

According to the announced reforms, economists expect the devaluation of the peso to result in a recession in 2016, but predict a recovery in 2017 with a projected growth of 3.5%, the report explained. In addition, officials will start negotiations with bondholders in January to resolve a long-running dispute that has prevented Argentina from tapping global financial markets, informed Hellenic Shipping News.