An auction schedule to sell shares in Citgo Petroleum's parent company, which could force a breakup of the Venezuela-owned U.S. oil refiner, was approved by a U.S. federal judge and filed on Tuesday, Reuters reported. U.S. District Judge Leonard P. Stark's order sets bidding and sales procedures, hiring of investment banker Evercore Group and directs an approach to the U.S. Treasury Department to seek a decision on any share sale. The Treasury has protected Citgo from creditors by previously not allowing transactions.

Venezuela’s creditors welcomed its potential rapprochement with the U.S. but still face risks and uncertainties in collecting from the South American country’s bankrupt government as its relations with Washington, D.C.'s thaw, WSJ Pro Bankruptcy reported. A rollback of U.S. sanctions on Venezuelan oil points a way to resolving the country’s huge foreign debt obligations, but offers no immediate fix for its longstanding default, according to sanctions experts and other people close to its top external creditors.

The Biden administration is preparing to scale down sanctions on Venezuela’s authoritarian regime to allow Chevron Corp. to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela, the Wall Street Journal reported. In exchange for the significant sanctions relief, the government of Venezuelan President Nicolás Maduro would resume long-suspended talks with the country’s opposition to discuss conditions needed to hold free and fair presidential elections in 2024, the people said.

Further increases to Colombia's benchmark interest rate may be necessary in the coming months as the central bank tries to bring inflation in line with its 3% target, according to minutes from the bank's meeting last week, Reuters reported. Colombia's central bank board raised its benchmark interest rate by 100 basis points to 10% last Thursday, as inflation pressures and domestic consumption remain robust and central banks around the world boost rates. The country's 12-month inflation hit 10.84% in August and the market expects the figure to have risen to 11.25% in September.

Peru's government proposed on Friday "a new approach" for mining companies to end social gaps and avoid conflicts in the sector, a measure taken after several conflicts in the country in recent months, Reuters reported. Prime Minister Anibal Torres said during a conference between executives of large mining firms that the new "attitude" aimed to promote local and foreign investment. He added that the government of leftist President Pedro Castillo respects private initiative and wants to promote mining activity.

The share of foreign investors in Brazilian public debt fell in August to the lowest level in more than 12 years, official data showed on Wednesday, despite high yields on government bonds, Reuters reported. According to the Treasury, the share of foreigners in domestic public debt fell to 8.84% in August, from 9.01% in July, the lowest level since December 2009. This occurred despite high yields in government bonds amid an aggressive monetary tightening to battle inflation in Latin America's largest economy.

Venezuelan business owners struggling to get access to credit amid their country's continued economic crisis are seeking loans through foreign banks, business people and finance industry sources told Reuters. Local banks in the South American country offer few loans to the private sector because of efforts by Nicolas Maduro's government to lower inflation by increasing the supply of foreign cash, limiting the expansion of credit, reducing public spending and raising taxes.

Outstanding loans in Brazil kept growing in August, according to central bank data on Wednesday, with credit showing robustness despite rising costs amid an aggressive monetary tightening, Reuters reported. Outstanding loans were up 1.6% in August from the month before to 5.067 trillion reais ($940.48 billion). In July, outstanding loans rose 0.6%, a figure that had not yet been released by the central bank, which is still normalizing its data after a strike by its employees earlier this year.

Chile estimates it will issue $12 billion in total debt next year and the largest budget increases will be in social protection and science and technology, Finance Minister Mario Marcel told Reuters on Thursday. "So we're cutting (issuance) by half, reflecting the fact that we will have an overall balance that will be considerably stronger than what people thought we would have," said Marcel, adding most of it will be to refinance maturing issues. The minister is confident Chile will soon make a dent on inflation, running at double digits.

The International Monetary Fund (IMF) has reached a staff-level agreement on Argentina's $44 billion extended fund facility arrangement, which should unlock nearly $4 billion in funds for the country, the lender said on Monday, Reuters reported. The approval, which needs to be ratified by the IMF executive board, would unlock $3.9 billion for the embattled South American nation, which is looking to rebuild reserves and tamp down spiraling inflation. Argentina, a major grains producer, struck a new IMF deal earlier this year to replace a huge failed program from 2018.