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The Minister of Finance travels to the United States to participate in the World Bank Spring Meetings and attract more investment for infrastructure

The Minister of Finance, Luis Caputo, together with the Chief of Cabinet of the Ministry of Finance, Pablo Quirno; the Secretary of Finance, Santiago Bausili; and the Undersecretary of International Financial Relations, Martín Soto, are travelling this week to Washington to participate in the 2018 World Bank Spring Meetings.

On Thursday, Mr. Minister is participating as Governor before the World Bank in the panel “Market forces at work: Institutional investors and a sustainable world”, together with the President of the international organization, Jim Yong Kim. The panel will focus on how innovative partnerships between the World Bank Group, investors, and governments can lead to support sustainable and inclusive growth.

The panel will also have the participation of the CEO of the Government Pension Investment Fund (GPIF), Hiromichi Mizuno; the Director of the UBS Global Topics, Axel Weber; and the CEO of the Coalition for Inclusive Capitalism, Lynn Forester of Rothschild. The event will be broadcasted live at the organization website (http://live.worldbank.org/market-forces-work).

Later, Minister Caputo is participating in the panel “A Conversation with Ministers of Finance from Latin America: The Future of Latin American Fiscal Policy and Growth”, organized by the Center for Global Development. The event will be broadcasted live at the website of the institution and it will be moderated by the directors Liliana Rojas-Suárez and Máximo Torero (https://www.cgdev.org/event/conversation-ministers-finance-latin-america-future-latin-american-fiscal-policy-and-growth).

In addition, the event will have the participation of the following officials: the Minister of Treasury of Colombia, Mauricio Cárdenas; the Minister of Treasury of Paraguay, Lea Giménez Duarte; the Secretary of Treasury and Public Credit of Mexico, José Antonio González Anaya; the Minister of Treasury of Chile, Felipe Larraín Bascuñán; and the Minister of Treasury and Finance of Peru, David Tuesta.

Likewise, Luis Caputo, as President of the Contact Group on Venezuela’s situation, will be holding a meeting with Ministers and high-ranking officials of the Western hemisphere, Europe and Japan to discuss about the economic and humanitarian crisis in Venezuela. A first meeting was held on March 19 in Argentina and Caputo issued a statement in which Maduro was requested to accept the offers of international humanitarian aid to take care of the health and well-being of the Venezuelan people.

On Friday, Luis Caputo will be meeting with Queen Maxima of the Netherlands, who represents the United Nations in the agenda of Inclusive Financing for Development, to talk about the importance of financial inclusion and the fight against informality and exclusion to achieve the growth of the whole region.

Finally, Caputo and the team of the Ministry of Finance will be holding important bilateral meetings with representatives of Chile, Mexico and Brazil (to be confirmed) where the focus will be on the insertion of the country into the regional economic scenario. Mr. Minister and his team will be also participating in working meetings together with businessmen and investors, where investment in infrastructure will play a leading role.

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Luis Caputo participated in the official photo of the 59th Annual Meeting of the Board of Governors of the IDB

As President of the Board of Governors of the Inter-American Development Bank (IDB), the Minister of Finance, Luis Caputo, participated in the official photo of the 59th Annual Meeting of the Board of Governors of the IDB, held in the City of Mendoza.

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Argentina – 2nd Notice To Samurai Holders

ARGENTINE REPUBLIC

MINISTRY OF FINANCE

March 25, 2018

On February 22, 2018, the Ministry of Finance of the Argentine Republic (the “Republic”) invited holders of the Republic’s outstanding Japanese law governed bonds listed below (the “Samurai Bonds”) to settle their outstanding claims under the terms and conditions of the proposal set forth in the attached notice (the “Proposal”).

List of Eligible Samurai Bonds

The Republic of Argentina Japanese Yen Bonds – Fourth Series (1996)

The Republic of Argentina Japanese Yen Bonds – Fifth Series (1999)

The Republic of Argentina Japanese Yen Bonds – Sixth Series (2000)

The Republic of Argentina Japanese Yen Bonds – Seventh Series (2000)

The Republic’s Ministry of Finance informs all holders of Samurai Bonds that as of March 23, 2018, 103 bondholders have agreed to accept the Proposal. These 103 bondholders collectively own the following outstanding principal amount of each Series of Samurai Bonds:

Series Total Outstanding Principal Amount * (JPY) Total Principal Amount Accepted (JPY)

 

 % of Total Outstanding Principal Amount
Fourth Series 334 million 181 million 54.2%
Fifth Series 90 million 60 million 66.7%
Sixth Series 559 million 234 million 41.9%
Seventh Series 895 million 268 million 29.9%

* Excludes Samurai Bonds held by or on behalf of the Republic and submitted for cancellation to the CCB.

For those Series where a majority of bondholders accept the Proposal, the Republic intends to have the terms and conditions of the Proposal become binding on all holders of those Series of Samurai Bonds by having the bondholders pass the required resolution at a bondholders’ meeting. Although the Republic reserves the right to enter into individual settlement agreements with bondholders, the Republic will continue to prioritize finding a solution that includes all holders of Samurai Bonds, and will work towards a prompt settlement and payment. The Republic therefore encourages bondholders to accept the Proposal.

Holders of the Samurai Bonds who have not yet accepted the Proposal but wish to do so and participate in the upcoming settlement process should contact one of the following no later than April 27, 2018:

1. Ministry of Finance, of the Argentine Republic

Osvaldo Colazo (Mr.) (e-mail: osvaldocolazo@mfin.gob.ar)

Gabriela Medrano (Ms.) (e-mail: gabrielamedrano@mfin.gob.ar)

2. Kojima Law Offices, attorneys in Japan for the Republic of Argentina

Argentina Desk

Telephone: 03-3222-1408 (Monday-Friday, 9:30am – 5:30pm), Fax: 03-3222-1405

E-mail: argentina_desk@kojimalaw.jp

Argentine Republic

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Argentina took over the Presidency of the Board of Governors of the IDB

President Mauricio Macri gave a speech at the event.

The Minister of Finance, Luis Caputo, talked at the Inaugural Session of the 59th Meeting of the Board of Governors of the Inter-American Development Bank (IDB), where he took over the presidency of the Board of Governors. President Mauricio Macri participated in the inaugural session and he said: “This event proves that we are in the right path”.

After being designated as President of the Board of Governors, Caputo said: “this is a big opportunity for Argentina to prove its commitment with the world”. During his speech, the Minister of Finance said that “the infrastructure deficit is a global challenge”, but he added: “in our region it needs an urgent solution”.

In this sense, Mr. Minister highlighted the importance of “the work done to allocate the private sector resources in infrastructure projects”. In addition, Caputo said that the “IDB may play a key role in the design of financial structures that allow to mitigate risks and maximize the use of said resources”.

Likewise, Caputo said that “it is crucial to make efforts towards a more sustainable and inclusive growth”. This way, Mr. Minister said before the Board of Governors that “it won’t be possible to generate this type of growth if the infrastructure debt is not settled”. “We have a big debt with society; we must improve their living conditions and turn this objective into a strategy of growth and employment”, Caputo added.

President Mauricio Macri also participated in the inaugural session and he said: “this is the first time in 22 years that this Meeting is held in Argentina and it is one of the many clear signals of the confidence we have achieved through the work done in two years”. “This event proves that we are in the right path. We have always known that the intelligent integration into the world is the only way to achieve a gradual growth”, he added.

Mr. President said: “we are fighting poverty” and he added: “there is no possible growth without infrastructure and social development”. In this sense, Macri highlighted the role of the IDB in meeting these goals: “In 2015, we had USD 750 million in approved loans and last year the amount was of USD 2.3 billion”.

In addition, the President of the IDB, Luis Alberto Moreno, highlighted that “President Mauricio Macri has always worked to turn Argentina into a modern and inclusive country”. “We welcome the commitment towards progress and we are glad to see how the whole citizenship supports this process”, he added.

In addition, Moreno said: “We have a big gap in infrastructure which requires the countries of the region to invest a 5% of GDP in the next years”. However, he said that “the public sector won’t be able to do it on its own” and he highlighted the “mechanisms to attract private capital, including the PPP scheme”.

The Annual Meeting of the Board of Governors of the IDB Group is the main decision-making body of the organization, representing its 48 member countries. Most of the Governors are Ministers of Finance, Presidents of Central Banks, or other high level authorities of the member countries.

The Inter-American Development Bank is one of the largest sources of development financing for economic, social and institutional projects in Latin America and the Caribbean. The IDB provides loans, grants, and technical assistance; and it conducts extensive research to bring innovative and sustainable solutions for the most urgent problems of our region.

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