Public Debt: In January, the Government paid interest of US$ 1,463 million

The year began with a heavy burden on the payment of interest on public debt.

Therefore, interest for the equivalent of US$ 1,463 million was paid in January, of which 77% were in foreign currency. Interest payments on securities issued in the course of debt restructuring in foreign currency in 2020 to the equivalent of US$1,022 million, according to the Congressional Budget Office (OPC).

Throughout 2022, interest consumed the equivalent at $7,629 million.

Instead in January they paid loan repayments for US$ 2,948 million, including the payment to the IMF for the 2018 stand-by program for US$ 2,656 million (in SDR – Special Drawing Rights – 1,975 million).

In addition, disbursements of USD 255 million were received, of which USD 230 million came from Development Bank of China (China Development Bank Corporation, CDBC) for the acquisition of equipment; for the works of the Belgrano Cargas railway (18 million USD) and for the construction project for the hydroelectric exploitation of the Santa Cruz River (Cepernic and Kirchner dams) (212 million USD).

In turn, a ten-year non-transferable bill of US$7,133 million was placed with the Central Bank to refinance the principal and interest services of other similar bills held by the BCRA.

Based on these data, after the record cancellation of interest on public debt for the equivalent of US$ 19,442 million during 2019, under the previous Government, in 2020/2022 with the current Governmentexpenses also for interest totals US$ 21,775 millionto which must be added the US$ 1,463 million in January: a total of US$ 23,238 million.

Of this total, the IMF received $4,374 million and the rest of the international financial organizations (such as the IDB, World Bank, among others) another $2,134 million.

Meanwhile, in relation to the end of November 2019, the beginning of the management of the current Government, gross public debt increased from $313,299 million to $395,779 million: an increase of 26.3% equal to US$ 82,480 million.

These values, both principal and interest, do not take into account the debt of the Provinces and the Central Bank.

The following sequence of interest payments emerges from the Congressional Budget Office Reports:

• During 2020 theInterest disbursements have reached an amount equal to 8,043 million dollars, of which 46% made in foreign currency. Payments of bonds and letters represent 71% of the total, 26% being in foreign currency. The debt restructuring processes carried out during the year made it possible to reduce the weight of interest in foreign currency. Interest payments to multilateral organizations amounted to US$1,994 million, of which 65% (US$1,306 million) corresponded to the IMF loan.

• during 2021 interest cancellations amounted to an amount equal to US$6,103 million, of which 36% made in foreign currency. Payments of bonds and letters accounted for 67% of the total, being 95% in local currency. Interest payments to multilateral organizations amount to US$1,969 million, of which 68% (US$1,347 million) is IMF credit.

• during 2022 the interest payment has reached an amount equal to 7,629 million dollars, of which 53% made in foreign currency. The bond interests represent 60% of the total, being 69% in local currency. Payments to multilateral organizations amount to US$2,545m, of which 68% (US$1,721m) is IMF loans.