The Government presented its 2026 budget project. In the bill that must be addressed in the Chamber of Deputies, a series of economic projections with which the economic team will work next year is displayed. Within the project, An article linked to the administration of public debt caught the attention: the Ministry of Economy will insist on more flexible the requirements for public title exchanges.
This is article 55 of the 2026 exercise project, which proposes to modify Law 11,672 (Complementary Budget) to eliminate reference to article 65 of the Financial Administration Law (24,156).
Currently, this regulation demands that any exchange or restructuring of debt implies an objective improvement for the State, through compliance with Two of these three conditions: capital reduction, deadlines and/or low interest rates. If the modification is approved, the Executive could make exchange With objectives of “financial planning” even when they imply less favorable conditions.
The 1816 consultant, it caught attention to this point: “Article 55 of the project eliminates a mention in Law 11,672 to article 65 of the Financial Administration Law, which is the one that establishes that the debt exchanges have to improve amounts, deadlines and/or interest. Last year the government had already tried without success in the draft Law of the Budget 2025 to modify that rule,” he recalled.
While this change does not necessarily result in a damage to the State, it does open the possibility that the government can administer your public debt with greater arbitrariness. It happens just when The country risk exceeded 1,200 basic pointswhich demonstrates the Doubts of economic actors about the possibility that the Government will access international markets to refinance debt matches.
The parliamentary path of the 2026 budget
Beyond this article, the path of the “Law of Laws” project will be long. According to what the Constitution dictates, the budget enters the Commission Budget and Financewhere the technical debate is performed and modifications can be introduced. Then it would be taken to the vote in general and in particular, and of simple majority for approval is required.
Once approved in deputies, the project passes to Senatethat also discusses it in commission and then in the enclosure. The project can be approved without changes, introduce modifications or reject it.
Public debt increased the equivalent AU $ S7,000 million in August
According to official data from the Ministry of Finance, directed by Pablo Quirno, in August 2025, the gross debt stock reached a total equivalent AU $ S454.230 million, of which US $ 451,707 million are in a normal payment situation.
Of the total debt in regular situation, 44% are called in local currency and the remaining 56% in foreign currency.
Compared to Julio, the normal payment debt registered an equivalent increase AU $ S7.004 million, which represents a monthly rise of 1.57%. This increase was explained by a reduction of US $ 425 million in foreign currency debt, compensated by an increase of US $ 7,429 million in the debt called in local currency.
It is worth taking into account, that as follows from the report, 67% of the total state debt are public titles, while 22% are external creditors and 9% Treasury letters. In the second week of September, the Ministry of Finance placed $ 6.63 billion in debt tenders, compared to maturities for a total of $ 7.25 billion corresponding to LECAP and bonds adjusted by inflation and by exchange rate.
With this result, the Ministry of Economy managed to refinance 91% of the commitments in pesos that overcome in the week, releasing $ 0.62 billion to the market.
In short, Route Map 2026 not only draws the fiscal and financial panorama for next year, but also promotes regulatory changes that could redefine the public debt administration strategy in the following two years of the Government of Javier Milei In a context in which the markets closely follow the schedule and the administration of the total debt for the coming months.
Source: Ambito
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