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  4. June 2018

Dujovne met with the President of Chile, Sebastián Piñera

The Minister of Treasury, Nicolás Dujovne, met with the President of Chile, Sebastián Piñera, and his Minister of Treasury, Felipe Larraín, in Santiago de Chile. During his stay in the country, Mr. Minister discussed strategic issues related with bilateral trade, Argentina’s access to the OECD and Chile’s experience in fiscal issues.

After the meeting with the two officials, Dujovne said: “The meeting was very productive; we analyzed the structural fiscal rules of the Republic of Chile, something Argentina might consider in the future once we achieve fiscal surplus”.

Regarding international trade, Mr. Minister highlighted the relevance of the free trade agreement between both countries: “We talked about the concern on the growing protectionism trend at a global level. Argentina and Chile are committed towards trade progress and both countries already have their parliaments discussing the free trade agreement”.

Finally, Dujovne highlighted the importance of the support given by the international financial community to President Macri’s Administration.

Larraín congratulated Argentina for its new emerging market status and for the agreement entered into with the IMF.

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  4. June 2018

Announcement of USD 7.5 billion Sales Program

The Ministry of Finance informs that there will be an announcement for a sales program of up to USD 7.5 billion arising from the agreement with the International Monetary Fund (IMF) for budgetary support.

The program consists in daily pre-announced sales to be executed through an auction mechanism conducted by the Central Bank of The Argentine Republic (BCRA, for its acronym in Spanish) at the request of the Treasury.

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  3. Ministry of the Treasury 2017-2019
  4. June 2018

FONPLATA will finance projects in Argentina for USD 42 million

The resources will be aimed at the digitalization of the cultural heritage and infrastructure works in Belgrano Sur Railway.

The Financial Fund for the Development of La Plata River Basin (FONPLATA, for its acronym in Spanish) approved today a financing agreement for 2 projects in Argentina for a total amount of USD 42 million at the 158th Board of Directors Meeting of the Organization, held in Santa Cruz (Bolivia) and presided over by the Undersecretary of International Financial Relations of the Ministry of Finance of Argentina, Martin Soto.

The first loan, for USD 7 million, will be aimed at the “Project of Digitalization of the Cultural Heritage of the National Library Mariano Moreno”. The goal of the project is to strengthen the digital access to the library collections that constitute the cultural heritage of the National Library Mariano Moreno (BNMM, for its acronym in Spanish).

This project will contribute to the preservation of valuable library collections which represent the historic, literary, scientific and cultural heritage of Argentina. At the same time, the project will directly benefit current and potential users of the BNMM.
The second loan consists in a USD 35 million co-financing agreement for the “Projects for the Improvement of Railway Connectivity to Constitución – Belgrano Sur Railway”, entered into with the Development Bank of Latin America (CAF).

The Project foresees the improvement of the Belgrano Sur Railway service on the one hand and the removal of railway lines in an area that will benefit its neighbors and the vehicle circulation on the other.

Currently, the Organization finances 17 investment projects for USD 366.5 million developed in Argentina.

FONPLATA is a multilateral organization formed by 5 countries: Argentina, Bolivia, Brazil, Paraguay and Uruguay, which main mission is to support the integration of member countries to achieve an inclusive development, within and among the geographic areas of influence of La Plata River Basin through credit operations and non-refundable resources.

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  4. June 2018

The Finance Team explained the Agreement with the IMF to the local and international Market

The Minister of Finance, Luis Caputo, highlighted that the loan covers the financing needs until the end of President Mauricio Macri’s Administration.

The Minister of Finance, Luis Caputo, together with the Chief of Cabinet of the Ministry of Finance, Pablo Quirno, and the Secretary of Finance, Santiago Bausili, held a meeting with brokers, insurance companies and mutual funds, to give more details on the agreement with the International Monetary Fund (IMF). Later, they held a conference call with more than 500 international investors.

Within this framework, Caputo highlighted: “The agreement has exceeded every analyst’s and markets expectations; we have USD 50 billion plus the USD 6.65 billion of the Inter-American Development Bank (IDB), the World Bank and the CAF, which erases any uncertainty whatsoever on the economic plan and the market situation”.

This way, Mr. Minister explained that the agreement “accelerates primary balance without disruptions”. Likewise, he said that the Argentine Central Bank reinforces its autonomy and improves its balance sheet, because there will be no more financing to the Treasury and it will begin to reduce the number of Lebacs”. “Finally, the financing issue is solved, because the package is big enough to meet the financing needs until the end of President Macri’s Administration”, he added.

Regarding Lebacs, Mr. Minister said: “While the Treasury is being financed in pesos or dollars in the local market, we are going to buy non-transferable bonds to the Central Bank, which, at the same time, will reduce the stock of Lebacs. Thus, the Treasury cancels the debt inside the public sector, buying debt to the private sector”.

Likewise, Caputo said: “The Central Bank will continue to be in charge of the monetary intervention policy”. “From the Ministry of Finance, and through Banco Nación, we are going to sell only the surplus of dollars to cover deficit”, he concluded.

The following officials also attended the event: the President of the Argentine Bolsa de Comercio, Adelmo Gabbi; the President of Bolsas y Mercados Argentinos (BYMA), Ernesto Allaria; the broker José Cirillo; the Manager of Development of Capital Markets of Bolsa de Comercio, Claudio Zuchovicki; and the President of the Argentine Chamber of Mutual Funds, Valentín Galardi.

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