The Minister of Finance signed the resolution No. 2017-121, to be published tomorrow in the Official Gazette, for the creation of the Council of Financial Inclusion Coordination, which main role will be to create and implement policies of universal access to banking and financial services.

The Council shall be headed by Finance Minister Luis Caputo and will comprise officials of the Ministry of Finance, the Ministry of Treasury and the Central Bank of the Argentine Republic. In addition, a consultation body will be created and it will comprise Ministers of different Ministries of the National Executive branch.

“This Council will encourage financial inclusion in our country, it will fight economic informality, it will increase the benefits of banking services for every citizen and it will reduce the interest rate for the most vulnerable sectors that need the support of the Government’s public policies”, the Minister of Finance Luis Caputo said.

The main roles of the Council will be the following:

– The coordination of the design of short, medium and long-term public policies aimed at the promotion of universal access to banking and financial services.

– The articulation of the participation processes among the different public and private actors and the integration of actions to favor financial inclusion in the planning of the different sectors and/or systems.

– The proposal of specific plans and programs aimed at developing the stimulus for credit and microcredit and financial education.

– The elaboration of a regulatory framework project that enables the implementation of the programs and plan throughout the country, which guarantees its access and the protection of consumers’ rights.

– The assistance to the NATIONAL EXECUTIVE BRANCH in all matters related to the implementation of financial inclusion public policies.

– The proposal of actions which encourage the financial services consumer’s protection, the expansion of digital finance and the financing of SMEs.

– The design of data bases of access, use and quality of the financial services which enable to prove the progress of the programs and plans intended by the NATIONAL EXECUTIVE BRANCH.

The beginning of the Council’s activities show the willingness of the Government of President Mauricio Macri to develop a public policy aimed at the financial inclusion of the most vulnerable sectors, as Minister Luis Caputo said to the UN Secretary-General’s Special Advocate for Inclusive Finance for Development, the Queen of the Netherlands.

July 18, 2017

The Ministry of Finance informs that, within the context of the normalization of international financial relations, it has entered into an agreement with TOTAL S.A. (“TOTAL”), which had obtained a final arbitration award (generally referred to as “ICSID cases”). This agreement closes TOTAL’s claim and contributes to the restoration of direct investment, in particular from companies coming from France in the energy sector. TOTAL has recently announced investment projects in Argentina (in Neuquen and Tierra del Fuego) for amounts higher than the ones obtained as a result of this agreement.

TOTAL obtained a final award on February 1, 2016. The updated amount with interest is USD 312 million, granted by an Arbitration Tribunal under the International Center for Settlement of Investment Disputes (ICSID) Rules and Regulations.

The agreements establish the cancellation of the amounts through USD 201 million Bonds of the Argentine Nation in U.S. dollars 8.75% 2024 (BONAR 2024), resulting in a nominal haircut of 36%.