Argentina will disburse $1.4 billion from a maturity with the IMF in the next few days while negotiates a loan of about US$ 2,500 million with a group of banks.
The objective is maintain a minimum level of reserves while the market puts pressure on the dollarwhich can accelerate inflation.
The renewal of technical talks with the Monetary Fund It is expected for the end of February or beginning of March.
The Government exceeded a key goal requested by the IMF
The Government will make the last interest payment in the coming days before the renewal of the technical talks with the agency’s staff, in which it will seek unlock the first disbursement of the year, for USD 5.4 billion.
It will be a demanding year in the agreement with the IMF: in addition to the deficit targets, reserves and monetary issue, the The Executive Branch must return to Washington more dollars than will enter throughout the yearwhich undoes the pressure on reserves.
The preliminary announcement of US$ 1,000 million to repurchase debt bonds represents about 15% of the total outstanding of the 2029 and 2030 Globals.
What will 2023 be like with respect to foreign debt?
2023 will be a particular year for the agreement with the Monetary Fund in terms of the flow of income and currency outflows.
Just as 2022 implied higher disbursements than payments throughout the year, which allowed net financing, this 2023 that negative differential will be around US$3.4 billion.
To calm exchange rate pressures, with the blue dollar at its highest face value, the Government resumed talks to advance a set of loans for up to US$2.5 billion with foreign entities.
Repurchase of external debt: a “short program” to stop the dollar with the “aguinaldo” of the Government
The net reserves of the Central Bank are around US$ 6,000 million and gross reserves totaled US$ 42,655 million. The authorities maintain that US$1 billion is coming out of the latter to buy the bonds.
Now, four Repurchase Agreement (Repo) offers are being studied, credits in which the debtor must generally deliver bonds in dollars as collateral. And the term would be one year renewable.
The interested parties are an Asian institution, a New York entity, a large investment fund and a European bank. The rate, the type of guarantee (collateral) and the amount are discussed, which in total adds up to US$ 2,500 million.
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