títulos públicos - Oficina de Presupuesto del Congreso

PUBLIC DEBT OPERATIONS – APRIL 2024

by Nicolas Perez | May 28, 2024 | Public Debt Operations

In April, the debt stock payable in pesos increased by 11.8% with respect to March, whereas that payable in foreign currency decreased by USD2.253 billion, largely as a result of the amortization of obligations with the IMF.

In April, the debt stock payable in pesos amounted to ARS136.021,294 billion.
The debt payable in foreign currency amounted to USD256.473 billion.
Of note was the payment to the IMF for USD1.927 billion under the stand-by arrangement in force.
Estimated debt servicing for the May-September term totals ARS22,256.249 billion in domestic currency and USD14.11 billion in foreign currency.
During the month of April, the Treasury did not record any net financing from Central Bank Temporary Advances.
Of the authorization to issue debt provided for in Section 37 of the Budget Law, the Executive Branch used 48% of the legal ceiling up to April 2024.

PUBLIC DEBT OPERATIONS – APRIL 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

PUBLIC DEBT OPERATIONS – JANUARY 2024

by Nicolas Perez | Feb 22, 2024 | Public Debt Operations

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.

PUBLIC DEBT OPERATIONS – JANUARY 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.

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

by Nicolas Perez | Jan 16, 2024 | 25-PE-2023_ENG, Cost Estimates

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.