dólar linked - Oficina de Presupuesto del Congreso

PUBLIC DEBT OPERATIONS – MAY 2024

by Nicolas Perez | Jun 25, 2024 | Public Debt Operations

In, May, domestic currency debt stock increased by 17.5% with respect to April and amounted to ARS159,868.068 billion. Foreign currency debt decreased by USD1.805 billion, reaching USD254.668 billion.

Two government securities auctions were held during the month, through which LECAP, BONCER and Bonte USD-linked were placed for a total of CV ARS15,223.471 billion.
The repurchases of Central Bank’s holdings of AL35 and AL29 bonds in dollars by the Treasury for USD2.13 billion stood out.
The equivalent of USD1.033 billion was paid for interest in foreign currency, of which USD796 million were payments to the IMF.
Estimated debt service between June and December in domestic currency totals ARS37,234.473 billion and in foreign currency USD14.816 billion.

PUBLIC DEBT OPERATIONS – MAY 2024

TRAINING ON PUBLIC FINANCE FOR LEGISLATIVE ADVISORS

by Nicolas Perez | Apr 11, 2024 | Activities

On Tuesday, April 9, the Argentine Congressional Budget Office (OPC) initiated a training program on issues related to public finances for the advisors of deputies and senators of the Congress of the Nation. The Director-General of the OPC, Gabriel Esterelles, together with the Director of Parliamentary Training of the Senate, Camila Duro, opened the training program at the Senate.

The purpose of the program is to introduce key issues for the interpretation of initiatives related to public resources and budget design to those who assist legislators in their work.

The program, jointly organized by the OPC and the Directorate of Parliamentary Training of the Senate, was designed around three main topics: taxes, expenditures and public credit, each of them to be addressed in two classes of two hours each, twice a week.

The sequence of face-to-face meetings is being held in different spaces of each Chamber to promote direct contact and facilitate the exchange of ideas.
This training plan, which will conclude on April 25, will be delivered by the directors of the OPC, with the assistance of their analysts:
Martín López Amorós, director of Fiscal Analysis, with Pedro Velazco and Emilio Nastri; Ignacio Lohlé, director of Budget Analysis, together with Laura Cafarelli, Julieta Olivieri and Romina Muras; Joel Vaisman, director of Sustainability and Public Debt Analysis, with Eugenia Carrasco.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2024

by Nicolas Perez | Mar 7, 2024 | Budget Execution

Due to a decrease in expenditures (-23.8% YoY) and a slight increase in revenues (+0.4% YoY), in the first two months of the year, the National Government recorded a financial surplus 150.0% higher in real terms than in the same period of the previous year.

The primary surplus, which does not include interest payments, was 1,805.5% higher than that obtained a year earlier.
Total revenues grew 0.4% in the year-on-year comparison, driven by increases in the PAIS Tax (405.9% YoY), in Export Duties (70.9% YoY) and in VAT (15.4% YoY). These increases were partially offset by the decrease in resources from Social Security (-25.1% YoY) and Income Tax (-36.5% YoY).
Total National Government expenditures recorded a real fall of 23.8% YoY in the first two months of the year and the cut in primary expenditures, which does not include the increase in debt interest, rose to 33.6% YoY.
Pensions (-33.0% YoY real), energy subsidies (-59.5% YoY real), capital expenditures (-82.4% YoY real) and social programs (-29.9% YoY real) were the items that most contributed to the reduction in expenditures. However, debt interest grew 34.2% YoY.
In February, the financial result was in deficit (-ARS186.635 billion), although in the first two months of the year the surplus was maintained (ARS1,020.296 billion), with levels above the average of a 15-year cycle.
Total accrued expenditures represented 24.0% of the budget, which is an extension of the budget in force during 2023.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2024

THE OPC PRESENTED THE LATEST BUDGET EXECUTION REPORT TO LEGISLATORS

by Nicolas Perez | Feb 16, 2024 | Activities

The Argentine Congressional Budget Office presented the latest published report on the Analysis of the National Government Budget Execution – January 2024 to national legislators and their advisors.

This is one of the periodic works conducted by the OPC with the purpose of monitoring revenues collected and expenditures accrued.

The presentation was given by the OPC Director, Gabriel Esterelles, together with the directors of Sustainability and Public Debt Analysis, Joel Vaisman; of Fiscal and Tax Analysis, Martín López Amorós; of Budget Analysis, Ignacio Lohle, and the analyst of this last directorate, María Laura Cafarelli.

The purpose of the online meeting was to provide members of the Chamber of Deputies and the Senate, as well as their assistants, with technical elements to improve the understanding of the monthly report disseminated through the OPC web page, offering, at the same time, the possibility of clarifying doubts about the methodology used and the results obtained.

The good reception of this new work modality was the basis for the decision to repeat it periodically to consolidate the technical dialogue between the OPC and the National Congress.

PUBLIC DEBT OPERATIONS – CUMULATIVE 2023

by Nicolas Perez | Jan 9, 2024 | Public Debt Operations

As of December 31, 2023, the debt stock in pesos amounted to ARS83,677.668 billion and that in foreign currency totaled USD264.968 billion.
During the year, debt in pesos had a net increase of ARS60,453.903 billion due to the combined effect of valuation adjustments, net debt issuance and interest capitalization.
Debt with the IMF amounted to approximately USD40.899 billion at year-end, which implies a reduction of USD5.1 billion with respect to the previous year-end.
During 2024, payments to the IMF are expected to total the equivalent of USD7.463 billion.
Net financing from the Central Bank to the Treasury totaled ARS1,698 billion in 2023 (ARS1,298 billion from temporary advances and ARS400 billion from profits).
Estimated debt services for 2024 in domestic currency total ARS94,103.633 billion and in foreign currency are estimated at USD33.090 billion.
Maturities in foreign currency for January are estimated at the equivalent of USD12.080 billion, of which USD8.104 billion are repayments of BCRA (Central Bank) bills and USD1.967 million for the IMF stand-by loan.