PUBLIC DEBT OPERATIONS – JANUARY 2024

PUBLIC DEBT OPERATIONS – JANUARY 2024

  • As of January 31, 2024, the debt stock in pesos amounted to ARS91,591.133 billion and the debt stock in foreign currency amounted to the equivalent of USD267.99 billion.
  • This implied an increase of ARS7,719.312 billion and USD3.509 billion, respectively, compared to year-end 2023.
  • The Treasury obtained financing in pesos for ARS3,315.767 billion, mainly through auctions of CER-adjustable securities, and financing in foreign currency for the equivalent of USD14.363 billion.
  • Of these, USD9.644 billion were placements of Treasury bills to the BCRA for the renewal of similar instruments.
  • The IMF disbursed the equivalent of USD4.7 billion (SDR3.5 billion), enabled by the approval of the seventh review of the Extended Fund Facility (EFF).
  • Debt maturities in domestic currency for the February to June 2024 term are estimated at ARS36,539.643 billion and those in foreign currency at USD6.874 billion, of which the largest amount is payable to the IMF for the equivalent of USD3.534 billion.
THE OPC PRESENTED THE LATEST BUDGET EXECUTION REPORT TO LEGISLATORS

THE OPC PRESENTED THE LATEST BUDGET EXECUTION REPORT TO LEGISLATORS

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.

JANALYSIS OF BILL “BASES AND STARTING POINTS FOR THE FREEDOM OF ARGENTINES” – REPORT 4 – DEBT CONSOLIDATION (SEC. 221-227)

JANALYSIS OF BILL “BASES AND STARTING POINTS FOR THE FREEDOM OF ARGENTINES” – REPORT 4 – DEBT CONSOLIDATION (SEC. 221-227)

The Bill provides for the total cancellation of the intra-public sector debt through the transfer to the Treasury of the securities held by National Public Sector (NPS) entities, including the Sustainability Guarantee Fund (FGS), which would be eliminated.

The total stock of securities held by the NPS and FGS entities as of December 31, 2023, amounted to the equivalent of USD41.173 billion, most of them payable in pesos.

  • After consolidation, the total stock of public debt denominated in dollars would fall to USD327.299 billion.
  • At year-end 2023, 70.9% of the FGS’s asset portfolio consisted of public debt instruments.
  • The consolidation of the FGS’s holdings would reduce public debt by the equivalent of USD38.043 billion.
  • Of the holdings subject to consolidation, 92.4% belong to the FGS.
PUBLIC DEBT OPERATIONS – CUMULATIVE 2023

PUBLIC DEBT OPERATIONS – CUMULATIVE 2023

  • 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.
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