He Sustainability Guarantee Fund (FGS) of the National Social Security Administration (ANSES) would be controlled directly by the Executive Branch, through the Treasuryif the article that was included in the “omnibus law” that the Government sent to Congress is approved.
“The transfer of the assets of the Guarantee and Sustainability Fund created by Decree 867/07 to the National Treasury is provided. The NATIONAL EXECUTIVE POWER is empowered to adopt all the necessary measures for the implementation of the provisions of this article,” the project maintains. .
Weeks ago, still under the previous management, ANSES reported that the FGS reached US$76,000 million, “the highest value in its history during the current management”, and from 2019 to 2023 it grew 117%.
In the statement he highlighted that, “in addition, the financing of productive projects was increased, investment in small and medium-sized companies (SMEs) was prioritized and the Anses Credits for retirees and pensioners were relaunched, surpassing record levels that transformed the FGS into the largest personal credit grantor of the system with a 100% recovery”.
In comparison, the organization stressed that “in the period of the previous government (2015-2019), the value of the FGS was reduced almost by half,” and specified that, “in November 2015, the value amounted to US$66 billion and, in the same month of 2019, to US$ 35,000 million, which implied a loss of 47%.”
“In the last four years, not only was it possible to recover the entirety of that sharp drop, but the FGS surpassed its previous peak. In this way, in November 2023 it reached the highest value in its history with US$ 76,000 million, which which means an increase of 117% compared to the same month in 2019,” stated Anses.
The regulations indicate that the valuation of the Fund must be carried out at the official wholesale exchange rate. However, the organization stressed that “the increase is also verified in financial exchange rates.”
Particularly, the value of the shares at the end of November 2019 was US$3.7 billion and, at the end of November 2023, it amounted to US$13.1 billion, implying an increase of 254% throughout the current management.
The Sustainability Guarantee Fund has shareholdings in 41 private Argentine companies, although it stopped reporting how much these holdings represent within the share capital of each company.
The main shareholdings are those of Banco Macro (27.49% of the total); Edenor (26.81%); Ban Natural Gas (26.63%); Cuyana Gas Distributor (26.12%); San Miguel (26.06%); Ternium (26.03%) and Consultatio (24.88%).
It also has shares in the companies Pampa Energía, Telecom, TGN, TGS, Metrogas, Naturgy, YPF, Cablevisión Holding, Molinos Agro and Molinos Río de la Plata, Mirgor, Grupo Financiero Galicia, Grupo Clarín and Ledesma, among others.
According to official figures, in November 2015 the participation of productive projects in the total FGS had managed to reach its highest peak, reaching 12.9%. However, at the end of 2019, it marked a significant decline in investment, reaching 3.8%.
Source: Ambito
