Economy ratified that the debt swap seeks “prudent and efficient management”

Economy ratified that the debt swap seeks “prudent and efficient management”

Eduardo Setti, Finance Secretary of the Ministry of Economy, highlighted the reasons why the measure was announced.

Ignacio Petunchi

After participating in the meeting of the minister Sergio Massa with bankers in the Treasury Palacein which the next financial objectives were analyzed and the impact of the announcement of the debt swap in the price of dollar, Eduardo Setti, Finance Secretary, He again underlined the reasons for the measure. the official confirmed that the transfer of bonds for him public sector.

“The measure aims at a prudent but also efficient management of the financial assetspreserving at the same time the objective and destiny of the different organisms and jurisdictions subject to the measure,” he explained this Friday Setti in a statement released by the ministry. He also pointed out that the decree “seeks in particular to maximize the result of financial operations in the capital marketusing reliable and transparent procedures”.

The Ministry of Economy launched this week the exchange of dollar bonds for new titles in pesos with due 2036which reaches about $4 billion in debt that are in the power of national public sector bodies, both with local and foreign legislation, without this being necessary for them to fulfill their objective or purpose.

Eduardo Setti.jpeg

Eduardo Setti, Secretary of Finance.

Eduardo Setti, Secretary of Finance.

Photo: Ministry of Economy.

The official also maintained that it is expected to absorb excess weights as a mechanism to avoid the continuation of inflationary pressure, as well as to reduce the dollar debt with foreign legislation without affecting the reserves, with the aim of starting a path of normalization of the exchange restrictions.

In this sense, the Secretary of Finance indicated that “the Ministry of Economyin coordination with central bankwill have the ability to act in the financial dollar market without affecting the reserves, to stabilize them avoiding high volatility.”

Finally, Setti maintained that with the measure they will try to “equate the local legislation bonds as benchmark of the financial dollar market; and continue to consolidate the financial program of the Treasure. All this while preserving the purpose of the organizations subject to the measure and continuing on the path of stabilization to overcome the crisis of June 2022″.

Source: Ambito

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