The resolution authorizes the expansion of the issuance of the “Nontransferable National Treasury Bill in United States Dollars” to finance part of the public debt interest services.
The Secretary of Finance and the Secretary of the Treasury made official the issuance of a National Treasury Bill in US dollars to pay off part of the interest on other bills that mature. The issuance of the Non-transferable National Treasury Bill in dollars maturing on April 3, 2029 is extended for an amount of US$12,276,151.
As mentioned by the Resolution 66/2024 published this Friday in the Official Gazettethe measure seeks to finance a part of the public debt interest services, in particular, 60% of the interest on certain bills issued by the Government. The expansion of the issuance of these public securities is authorized by the limits established in current legislation, which regulates public credit and State debt operations.
Ministry-of-economy
Ignacio Petunchi
Key points
- Debt refinancing: The main objective is to cancel 60% of the interest on certain National Treasury Bills in dollars that mature on December 30, 2024. Instead of paying this 60% in cash, new debt securities will be issued.
- Instrument used: The issuance of the “Nontransferable National Treasury Bill in US Dollars due April 3, 2029” is expanded for an amount of USD 12,276,151. This letter will be delivered to the Central Bank of the Argentine Republic (BCRA).
- Legal framework: The resolution is based on several laws and decrees, including the Financial Administration Law (24,156), the Budget Law (27,701) and several decrees of necessity and urgency (DNU). Article 37 of the Budget Law is specifically mentioned, which authorizes public credit operations.
- Justification: It is mentioned that this operation is within the limits established by the budget law and its amendments.
- BCRA participation: The Central Bank receives the new titles as part of the operation.
- Authorization to sign: Several officials from the Ministry of Economy are authorized to sign the necessary documentation to implement the operation.
Source: Ambito
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