According to the information compiled by the OPC, the head of the Palacio de Hacienda has strong commitments until the end of the year. Only in local currency has the equivalent of US$29.853 million ahead between June and December. To this is added US$7,083 million of Temporary Advances from the Central Bank, that although they can be renewed, they are also the object of the gaze of the International Monetary Fund (IMF). It must be taken into account that of the total commitments assumed for this year, only the equivalent of US$19.7 billion is easily refinanced, because these are papers in the hands of the public sector, which will once again receive other papers.
In dollars, the government has commitments for principal and interest with the IMF for US$13,707 million, which this year are matched with the disbursements after the quarterly reviews of the Extended Facilities agreement in force. They also have public bond commitments in foreign currency for US$1,965 million and another US$1,506 million with international organizations. In the balance sheet, the OPC also includes US$2,084 million in BCRA bills and US$50 million not identified.
The official report highlights that In June alone, the government has to meet maturities for US$9.979 million. But of them, Guzmán is obliged to obtain US$5.804 million because the rest is intra-state debt. This month the IMF must be paid US$2,719 million and in the case of the June 30 maturity in pesos, it is the payment of LECER X30J2 and LEDES S30J2 for $561,852 million. And next month, Guzmán will have to search to place another $532.282 million.
Martín Calveira, economist at IAE, the business school of the Universidad Austral told Ámbito that “the debt, mainly adjusted for inflation (CER), has been growing as a share of the total, although it should not be pressing if we were in other conditions.” “In fact, in 2020 the average participation was around 9% of the total, while it is currently just over 14%, the equivalent of US$52,632 million in April 2022,” he estimated.
In gross numbers, US$7.2 billion are due in July, of which only US$900 million are intra-public sector. In August, there are another US$4.3 billion, US$3.7 billion in pesos and US$600 million in foreign currency, payable.
September will be the most complicated month. The data from the OPC show that commitments of US$12.9 billion must be met; US$4.6 billion are in pesos and US$3.1 billion in dollars. The rest within the public sector is made up of US$4.2 billion in foreign currency and US$1.1 billion in local currency.
In October, maturities fall to $7.5 billion. Of these, some US$2.5 billion are in pesos and US$2.9 billion are payable in dollars. The rest is debt within the state itself. In November, US$5.2 billion are due, but US$2.7 billion of them are payable and the rest will be rolled over to the public sector.
The end of the year, in December, is similar to June, with commitments of US$9.1 billion: US$1.8 billion are in pesos and US$2.9 billion are in dollars, while US$4.4 billion are in local currency within the public sector.
Source: Ambito
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