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Wednesday, February 5, 2020

Argentine Senate will debate bill on external debt

Buenos Aires, Feb. 5 - The Argentine Senate will seek to convert into law today a project aimed at guaranteeing the sustainability of external public debt, in the first session of the year that is expected to be very busy.

The initiative, which already had a half-sanction of the Chamber of Deputies last week, will arrive in the upper house a day after the Minister of Economy, Martin Guzman, met in Rome with the director of the International Monetary Fund, Kristalina Georgieva, in a meeting qualified by the Argentine official as productive.

After obtaining favorable opinion for its treatment, the project declares as “priority for the interest of the Argentine Republic” the restoration of the sustainability of the external public debt.

According to El Parlamentario portal, it covers the debt governed by foreign law in the case of bonds issued in the 2005 and 2010 exchanges and public titles issued as of 2016 and provides for the waiver of invoking sovereign immunity against the embargo and execution of certain assets.

Argentina lives a delicate economic situation with a debt of 56 thousand 300 million dollars contracted with the IMF of 57 billion in total that the then president Mauricio Macri borrowed in 2018.

The legal undersecretary of the Ministry of Economy, Cristian Dellepiane, stressed that the intention of the proposed law is “to have an instrument when it comes to starting negotiations” for debt restructuring.

The project is expected to have the support of the opposition and next week the head of the Economy is expected to attend Congress to present the guidelines of the debt sustainability analysis. (Text and photo: PL)