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Government captures US$700 million from international organizations to strengthen reserves

Government captures US$700 million from international organizations to strengthen reserves

The Government continues to work on the raising dollars from international organizations to strengthen the reserves of the Central Bank (BCRA) and counteract the problems it has on the external front. And, in this sense, he approved two contract models that will allow progress with the granting of a loan for up to US$400 million of the Central American Bank for Economic Integration (CABEI), in order to support the Argentina plan against Hunger, and another of up to US$300 million of the Andean Development Corporation (CAF)aimed at financing programs for the disabled.

The schemes for the contracts were approved by the Decrees 149/2023 and 150/2023published this Friday in the Official Gazette, which in the case of CABEI, indicate that the financing was approved by said entity at the beginning of this month and is aimed at financing the Argentina Plan Against Hunger (PACH), executed by the Ministry of Social development.

It is “intended to facilitate food assistance people in a situation of social vulnerability in Argentina, including girls and boys, adolescents, pregnant women and people with disabilities”.

The regional multilateral organization specified that, with these resources, it is expected to benefit 2.4 million families in the 24 jurisdictions of the country through Feeda PACH instrument that seeks to improve the quality of food for the most vulnerable families by guaranteeing rights for early childhood through access to the basic basket, and which in turn promotes the mobilization of trade and local food production.

This is the second operation approved by the CABEI intended to finance this program. The first was approved in November 2022, for US$50 million. The term of the loan is up to 20 years in semi-annual installmentsincluding up to five years of grace and interest based on the SOFR rate, published by the New York Federal Reserve.

This is the CAF loan

And, on the other hand, the loan of the CAF is by up to US$300 million to finance the Program for the Promotion of the Social Model of Disability and Access to Rights of Persons with Disabilities (PcD). This line of credit is part of the agreement reached by the Minister of Economy, Sergio Massa, with the CAF board of directors last week in Chile through which US$840 million will be disbursed.

Of that amount, which will have an immediate disbursement, US$540 million they will be used for complementary works of the Néstor Kirchner Gas Pipeline to be able to bring gas supply from the Neuquén Basin to the north of the country and the remaining sum for this social program.

The PcD is an initiative implemented by the General Secretariat of the Presidency and the National Agency for Disability (Andis). Most of the credit (USD 288 million) will be used to pay non-contributory pensions, while the remaining USD 12 million will be used to facilitate the construction and equipping of the so-called Inclusion Towers where all the State offer of supports and services to guarantee the autonomy and access to rights of people with disabilities, also renovating existing Andis headquarters.

In the same way, it will be used to carry out diagnoses of the state of community inclusion in the country, and implement municipal action plans in order to carry out infrastructure works for accessible cities, among other points, the contract indicates.

The line will have a term of 15 years, including a grace period of 54 months and SOFR interest rate with a margin of 2%.

Source: Ambito

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