New record for public debt: it amounts to 380.76 billion dollars

The national gross public debt continues to grow. In pesos and in foreign currencies, a new record was recorded as at 31 July: $ 380.76 billionof which 378.307 million dollars are in a normal payment situation, according to data from the Ministry of Finance.

Of that total, foreign currency debt represents 67.1% of the totalin inflation-adjusted pesos of 20.7% and in adjustable pesos per dollar of 1.6%. it cannot be liquefied due to devaluation and / or inflation — represents 89.4% of the total. In August, due to the debt swap, the pesos debt grew even more, adjusted by the CER or the dollar, and would have added up to more than 95%.

“Compared to the previous month, debt in a normal payment situation increased by the equivalent of $ 2,262 million, with a monthly growth of 0.60%. The change is explained by the decrease in debt in foreign currency for USD 2,248 million and the increase in debt in local currency for a value in USD of USD 4,510 million ”.

The decrease in foreign currency debt is explained by a payment made to the IMF for 1,975 million dollars in Special Drawing Rights. Meanwhile, the pesos debt increased substantially due to the placement of Letters for the equivalent of $ 4,025 million.

According to the Congressional Budget Office (OPC) “CER-settable pesos securities represented 39% of the total placed through tender in July (and 54% of the year’s issues). Fixed-rate securities in pesos had a 56% share, while USD-indexed securities accounted for 5% of the month’s placements. “

“73% of the gross debt in a normal payment situation corresponds to National Treasury Bonds, 20% to bonds with Official External Creditors, 6% corresponds to Temporary Advances 2 and the remaining 1% to other instruments”, clarifies Finance .

Extending the comparison to December 2021, in the first 7 months of this year the public debt increased by the equivalent of 17,527 million dollars due to the extension of the debt with the IMF, greater temporary advances by the Central Bank and the adjustment for inflation of the debt in pesos + CER.

Due to the extraordinary disbursements for the payment of maturities with the same financial institution, the debt with the IMF went from 40.952 million dollars in December 2021 to 43.308 million dollars at the end of July.

For its part, “in the last 12 months the stock of gross debt under normal payment conditions has increased by the equivalent of 35,747 million dollars, due to the increase in foreign currency indebtedness of 1,676 million dollars and the increase in ‘foreign currency debt for an amount equivalent to 34,071 million dollars, ”said the report of the finance secretary.

If the comparison is extended at the beginning of the current administration, the public debt increases by 65,219 million dollars (from 313,299 million dollars at the end of November 2019 to 380,760 million dollars at the end of July 2022): they are the equivalent of 67,461 million dollars. dollars.

Much of this increase is explained by the pesos + CER bonds, which went from the equivalent of $ 21,914 million to $ 78,328 million.

For its part, “in July, interest was paid for the equivalent of 852 million dollars, of which 85% (727 million dollars) in foreign currency. According to the Congressional Budget Office, the payments for the bonds in dollars and euros issued as part of the foreign debt restructuring process of September 2020, for the equivalent of 690 million US dollars, stand out.

The national public debt does not include that of the Provinces or that of the Central Bank.