The government canceled on Monday a maturity of 1,550 million US dollars with bondholders, in the midst of negotiations with the Monetary Fund to unblock disbursements and after incurring debt with the Central Bank last Friday to obtain dollars to meet foreign currency commitments.
These are the first sovereign debt maturities which former Economy Minister Martín Guzmán restructured in 2020 through a congressionally approved swap and the issuance of bonds for 2029, 2030, 2035, 2038, 2041 and 2026.”It’s already paid.”official sources confirmed.
The Treasury authorized the operation in a context marked by the scarcity of reserves, delays in the reactivation of agreement with the IMF and the overheating of the exchange gap, which reached 48%. The payment impacted the BCRA, which concluded yesterday with $23,231 million in gross reservesa drop of $890 million.
The decrease in reserves by this amount is due to the fact that some of the debt is crazyit can remain in reserves, without affecting the Central Bank’s dollar stock. According to Aurum’s calculations, 600 million dollars correspond to external creditors and 950 million dollars to residents, between public bodies and private bondholders.
Although the BCRA accumulated reserves of $3.5 billion in its first month of operation, The Ministry of Economy on Friday ordered the Treasury to lend $3.2 billion over 10 years to repay foreign currency debt. In exchange for obtaining these currencies, the Treasury granted BCRA non-transferable letters expiring in 2034.
Developing
Source: Clarin
