The national public debt skyrocketed in December: it increased by
US$33,358 million
during 2022 and reached a record of
US$396,539 million.
Due to the new disbursements from the IMF, loans from the rest of the international organizations and placements of public titles, in December the national public debt climbed the equivalent of
US$ 11,846 million.
With this figure during 2022, "the stock of gross debt in a situation of normal payment increased by the equivalent of US$ 33,358 million, due to the increase in foreign currency debt of US$ 9,985 million and the increase in foreign currency debt local for an amount equivalent to US$ 23,373 million”, according to the report of the Ministry of Finance.
Consequently, "the stock of gross debt amounted to a total amount equivalent to US$396,539 million, of which
US$394,047 million is in a normal payment situation."
"33% of the debt in a situation of normal payment is payable in local currency while the remaining 67%, in foreign currency," says the official report.
Of this total, "74% of the gross debt in a normal payment situation corresponds to Titles and Bills of the National Treasury, 21% to obligations with Official External Creditors, 4% corresponds to Transitory Advances and the remaining 1% to other instruments. ”, he adds.
Meanwhile, during 2022 the gross reserves of the Central Bank went from
US$39,662 million at the end of 2021 to US$44,968 million,
an increase of US$5,306 million, well below the increase in debt.
For its part, the debt with the IMF went from US$40,952 million in December 2021 to
US$45,707 million
at the end of last year.
And interest payments with the financial institution last year amounted to US$ 1,721 million.
A part of the increase in public indebtedness is explained by the greater obligations of the National Treasury with the Central Bank due to the losses between the value of the purchase and sale of the dollar-soybean.
Also for the placement of
new debt titles
in pesos and for the new debt assumed by the State to pay the annual interest.
It is that “during 2022 interest payments reached an amount equivalent to
US$ 7,629 million, of which 53% was made in foreign currency
.
Bond interest represented 60% of the total, being 69% in local currency.
Payments to multilateral organizations totaled US$2,545 million, of which 68% (US$1,721 million) corresponded to IMF loans,” said the Congressional Budget Office.
In relation to the end of November 2019, the start of the current government's administration, gross debt went from
US$313,299 million to US$396,539 million
: an increase of 26.5% equivalent to US$83,240 million.
Almost all of the increased debt was in pesos adjusted for inflation, which went from the equivalent of
US$ 23,791 million to US$ 67,934 million, an increase of 185.5%.
All these values
do not include the debt of the Central Bank or of the Provinces or Municipalities
.
Neither is the debt of the private sector that demands dollars from the Central Bank to pay its own maturities, both principal and interest.
The Ministry of Finance explains that "due to the recommendations of statistical manuals and based on international definitions, the dollar is used as the unit of account to provide comparability and standardize the statistics. In this way, all the figures are expressed in their equivalent in dollars applying the exchange rate of the last business day of the period to convert to said currency the remaining debts issued and payable in: pesos, special drawing rights (SDR), euro, yen, etc".
AQ
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