It will be a demanding year in the agreement with the IMF: in addition to the goals of deficit, reserves and monetary issue, the Executive Branch must return to Washington more dollars than will enter throughout the year, which will increase the pressure on reserves.
The preliminary announcement of US$1,000 million to repurchase debt bonds represents about 15% of the total outstanding of the 2029 and 2030 Globals. 2023 will be a particular year for the agreement with the Monetary Fund in terms of flow income and currency outflows.
Just as 2022 implied higher disbursements than payments throughout the year, which allowed net financing, this 2023 that differential will be negative by about US$3.4 billion.
The rise in the blue dollar is worrying
To calm exchange rate pressures, With the blue dollar at its highest nominal value, the Government resumed talks to advance a set of loans for up to US$2.5 billion with foreign entities.
The net reserves of the Central Bank are around US$6,000 million and the gross reserves total US$42,655 million. The authorities maintain that US$1,000 million is coming out of the latter to buy the bonds.
Now, four Repurchase Agreement (Repo) offers are being studied, credits in which the debtor must generally deliver bonds in dollars as collateral. And the term would be one year renewable.
The interested parties are an Asian institution, a New York entity, a large investment fund and a European bank. The rate, the type of guarantee (collateral) and the amount are discussed, which in total amounts to US$2.500 million.
Source: Ambito
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