He Government asked them this Monday to the General Audit of the Nation (AGN) and the University of Buenos Aires (UBA) to audit the exchange of bonds of public entities arranged last week through a Decree of Necessity and Urgency (DNU).
Although it had already been anticipated that the measure would be reviewed by the Faculty of Economic Sciences of the UBA, now the Ministry of Economy sent the same request to the head of the AGN, jesus rodriguez.
audit request
Through a document that bears his signature, Minister Sergio Massa asked Rodríguez “that the Faculty that you represent issue a duly founded technical opinion on the following query associated with the application of the provisions of Decree of Necessity and Urgency No. 164 of March 23, 2023”.
In that text, Massa explained that “article 4 provides that said public entities must subscribe national public securities payable in pesos to be issued by the NATIONAL TREASURY” and elaborated on the established terms and conditions.
“Given that Public Sector organizations value their portfolio in pesos at market prices, and taking into account the considerations set forth above, Can the sale of the Annex I securities and subsequent subscription of the Oual 2036 Bond entail a loss in the portfolio value of the organizations covered by the Decree?”, the official raised.
Immediately afterwards, he added: “Otherwise, could you establish the equity revaluation ranges taking as a reference the closing prices of the secondary market on the day of the date?”
Secondly, he said that “assuming that the exchange of the global bonds contemplated in Annex II for the Dual Bond 2036 will be carried out in a 1:1 ratio at technical value.”
And he wondered: “Can this exchange entail a loss in the portfolio value of the organizations covered by the Decree? Otherwise, could you establish the equity revaluation ranges taking as a reference the closing prices of the secondary market on the day of the date?”
“ordering”
Days ago, Massa assured in an interview that the exchange of debt in dollars for titles in pesos “is an ordering of the management of the public debt within the State.” “We had 113 agencies of the national public State that, in a disorderly and uncoordinated manner, many times even generated prejudice to the State itself by managing the purchase and sale of public securities in the secondary market,” Massa explained in dialogue with Radio Miter.
On the other hand, the head of the Palacio de Hacienda responded to questions to the opposition regarding the alleged prejudice that the measure would generate for Anses.
“Anses earns a little more than US$ 2,000 million with this operation because what it does is maintain the dollarization of the portfolio and, on the other hand, it gives the bond the possibility when selling it to choose between liquidating it due to inflation or in Dollars”, Massa said at that time.
After which, he pointed out that instead of presenting a loss, it will imply a profit of “more than $400,000 million” in the Guarantee and Sustainability Fund (FGyS) “which will be assigned to loans to retirees and productive loans”, which will be announced by the pension entity “next week”.
Source: Ambito
