After having paid with Special Drawing Rights (SDRs) and with yuan on June 29 maturities to the IMF for US$2.700 million, the Ministry of Economy He has to face a new commitment with the agency for US$1,294 million on July 7.
The data corresponds to the Congressional Budget Office, which details that this month, in total, the commitments that it has to meet throughout the seventh month of the year, both with the Fund and with private investors, reach a total of US$4,249 million, adding principal and interest amortization.
According to information from the technical office of the legislative branch, on July 7, US$1,294 million must be paid and then on July 9, Bonares and Dual payments are due for a total of US$1,022 million. Meanwhile, on July 14 and July 28, the IMF appears again with US$647 and US$690 million respectively.
On the other hand, On July 28, US$129 million of a letter issued by Mendoza expires, which, based on the latest restrictions imposed by the Central Bank on debt payments, could access only 40% of the currencies and the other 60% would have to be refinance to face with own dollars.
On the other hand, throughout July there are maturities with other organizations for US$82 million of capital and US$60 million of interest; bilateral loans for US$193 million and US$60 million, respectively, and BCRA bills for US$81 million as interest.
According to the brokerage firm GMA Capital, with this, after the payment to the IMF in June, “the net reserves would temporarily go to the area of US$5.1 billion, a barrier never pierced in more than two decades.”
“In addition, on July 9, the Government should face payments for Bonares and Globales coupons for US$1,070 million (US$750 million to private companies). As a result, the net would be negative by more than $6 billion.”says GMA Capital in its latest economic report.
In the next few hours, an Argentine delegation headed by Vice Minister Gabriel Rubinstein and Chief Advisor Leonardo Madcur will travel to Washington to close a new program with the IMF and obtain a disbursement of at least US$4.02 billion corresponding to June. .
Sergio Massa’s maximum aspiration is that they advance all the funds planned until the first quarter of 2024, something that would be very difficult for the board of directors of the organization led by Kristalina Georgieva to approve. What it could get is that they advance US$3.350 million corresponding to September disbursements. This year Argentina has a negative flow of US$210 million, since it has to pay US$10,910 and has to receive US$10,720 million.
On the other hand, according to GMA, Capital Argentina was “very far from the target of US$9,077 million” originally foreseen in the agreement of March last year, since now “net reserves are negative at US$2,400 millions”.
Source: Ambito
