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Tuesday, March 21, 2023

Debt interest payments amounted to u$s7,692 million in 2022

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This emerges from a report prepared by the Congressional Budget Office which points out that the year started with a heavy load in the payment of interest on the public debt.

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In interest paid in january for the titles issued in the process of restructuring debt in foreign currency for 2020, for the equivalent of US$1,022 million.

On the other hand, in January they paid loan amortizations for US$2,948 millionincluding the Payment to the IMF for the 2018 stand-by program for US$2,656 million.

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

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also placed a Non-transferable bill to the Central Bank for a term of ten years for US$7,133 millionto refinance the capital and interest services of other similar bills held by the BCRA.

During the previous government, a record level of public debt interest was canceled for US$19,442 million in 2019.

At the same time, between 2020 and 2022with the current Government, the disbursements for interests totaled US$21,775 millionto which are added the US$1,463 million in January.

Total, the cancellation of interest was US$23,238 millionwhich reflects the weight of the debt on Argentina’s commitments.

Of that total, the IMF received US$4,374 million and the rest of the international financial organizations such as the IDB and the World Bank, another US$2,134 million.

How were the debt payments.

During 2020, interest disbursements reached an amount equivalent to u$s8,043 million, of which 46% was made in foreign currency.

Payments of bonds and bills represented a 71% of the total, being 26% in foreign currency.

The processes of restructuring of debt carried out during the year allowed a reduction of the weight of interest in foreign currency.

Regarding interest payments to multilateral organizations, they totaled u$s1,994 millionof which 65% (US$1,306 million) corresponded to the loan with the IMF.

During 2021 interest cancellations totaled an amount equivalent to u$s6,103 million, of which 36% was made in foreign currency. Payments of bonds and letters represented 67% of the total, being 95% in local currency.

interest payments to multilateral organizations totaled US$1,969 millionof which 68% (U$S1,347 million) corresponded to the credit of the IMF.

During 2022 interest payments reached an amount equivalent to u$s7,629 millionof which 53% was made in foreign currency.

The bond interest represented 60% of the total, being 69% in local currency.

Payments to organizations totaled US$2,545 million, of which one 68% (US$1,721 million) corresponded to loans from the IMF.

Source: Ambito

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