Ismael Bermudez
06/12/2021 11:12 AM
Clarín.com
Economy
Updated 06/12/2021 11:17 AM
In May, the National State paid interest in pesos and in foreign currency for the equivalent of US $ 943 million, adding up to
a total of US $ 2,659 million in the first 5 months of this year
, according to the calculations of the Budget Office of the Congress (OPC).
And, in the remainder of the year, interest would have to be paid for more than US $ 3,000 million, adding up to a total of almost US $ 6,000 million,
without considering an eventual payment to the Paris Club.
Meanwhile, due to the increase in inflation-adjusted debt (CER), higher bond placements in pesos and the rise in obligations with the IMF, in April the
national public debt
in pesos and foreign currency
amounted to US $ 338,501 million
, an increase
of US $ 15,437 million compared to December 2019
, when it totaled US $ 323,064 million, according to data from the Ministry of Finance. This account does not include the debt of the provinces or the Central Bank (BCRA).
In relation to the first months of this year, in May the interest payments (which include the intra-public sector) were higher because “the first interest coupon of the BONCER TX26 and TX28,
issued in September 2020 in the framework of the restructuring of debt securities
denominated in dollars issued under Argentine legislation ”.
And in addition,
US $ 358 million in interest was paid to the IMF
and other financial organizations, according to the numbers of the OPC.
However, this year,
the interest burden should be lower
than in previous years, including
some US $ 750 million to be paid in September and December to the IMF.
"During 2020, interest payments reached an amount equivalent to US $ 8,043 million, of which
46% was made in foreign currency
.
"
And in 2019, they spent US $ 19,442 million (64% in foreign currency) ”, according to the OPC.
“The main factors that explain this fall is the restructuring of the debt, which
postponed the payment of almost all of the interest
on government securities in dollars.
In this way, the payment of interest on the debt in local currency gained prominence, along with the payment of interest to the IMF, of around US $ 300 million every three months ”, according to economist Jorge Neyro.
And he added that “
the stock of debt increased due to the greater indebtedness in pesos with the market
, the taking of temporary advances from the Central Bank and in recent months the acceleration of inflation above the slippage of the exchange rate.
The capital reduction achieved in the restructuring was very small - less than 2% - and had almost no effect on the debt stock ”.
The sequence of
interest payments
this year was as follows:
*
In January
, interest was canceled for the equivalent of US $ 434 million, of which 85% was made in national currency.
*
In February they
were the equivalent of US $ 464 million, of which 74% was made in foreign currency, mainly due to the interest on the IMF stand-by loan for the equivalent of US $ 313 million.
*
In March,
the equivalent of US $ 399 million was consumed, of which 76% was made in national currency.
*
In April they
totaled US $ 419 million, of which 93% was made in national currency.
*
In May
, they totaled US $ 943 million, (62% was made in pesos and 38% to international financial organizations).
NE
Look also
Lack of coordination and friendly fire on the economic team
Sergio Massa met with Martín Guzmán before traveling to the United States with the goal of being in debt