Brazil’s Congress has initiated an investigation into a massive pension fraud scheme involving billions of dollars. The probe aims to uncover systemic issues and hold responsible parties accountable.

The International Monetary Fund (IMF) emphasized that Argentina’s new policy allowing citizens to use undeclared U.S. dollars must adhere to international anti-money-laundering standards. This policy aims to integrate an estimated $271 billion held outside the formal economy into the financial system.

President Javier Milei announced significant tax reforms to encourage the use of U.S. dollars within Argentina. The changes include reducing bureaucratic hurdles and eliminating the need to declare the origin of dollars used, aiming to stimulate economic growth and formalize the use of foreign currency.

The Argentine government introduced a plan to integrate approximately $271 billion in undeclared cash held by citizens into the formal economy. The initiative allows the use of these funds without declaring their origin, intending to increase monetary circulation and support economic recovery.

Representatives from the IMF, World Bank, and Inter-American Development Bank visited Ecuador to discuss ongoing economic reforms and provide support. The discussions focused on fiscal policies, debt management, and strategies to promote sustainable economic growth.

Mexico’s GDP saw a modest increase in the first quarter, primarily driven by strong performance in the agricultural sector. This growth indicates resilience in the economy despite challenges in other industries.

In early May 2025, Mexico’s annual inflation rate rose to 4.22%, surpassing the central bank’s target range of 3% ±1%. The increase was driven by higher prices in food and energy sectors.

Mexican President Claudia Sheinbaum held a 10-minute call with US President Donald Trump to discuss trade and tariffs. They addressed concerns over a new remittance tax and ongoing negotiations on steel, aluminum, and automotive sectors.

Governor Tiff Macklem warned that Canada’s economic growth could weaken further if trade conflicts with the US persist. He highlighted that first-quarter GDP is expected to show weak consumer spending and business investment.

Brazil’s Senate passed a bill easing environmental licensing requirements, allowing certain projects to bypass environmental agency approvals. The move has drawn criticism from environmentalists and some government officials.

The Brazilian government announced a R$31.3 billion ($5.58 billion) budget containment for 2025 to comply with fiscal regulations. Measures include spending blocks and a freeze to meet deficit targets, alongside an increase in the financial transactions tax.

President Nicolás Maduro is leveraging upcoming regional and parliamentary elections to consolidate his power, with state media promoting the elections while opposition voices face suppression.

The IMF suggests that Costa Rica could reduce its public debt below 55% of GDP by 2030 if it freezes public sector wages, though the Finance Ministry deems this recommendation unfeasible.