06/07/2026 12:05 - Economia
On July 6, 2026, Argentina's Minister of Economy, Luis Caputo, alongside Vice Minister José Luis Daza and Secretary of Finance Federico Furiase, unveiled a financial program to meet the Treasury's foreign currency debt maturities for the remainder of 2026 and 2027.
During the press conference, Caputo stated that 'going to the markets is an option, not an objective', highlighting that time is on Argentina's side thanks to the solid foundations of the economic program. The previous week, the country risk closed at 415 basis points (b.p.), marking a new low since 2018 and since the beginning of Javier Milei's administration.
Context for foreigners: 'Country risk' is a key financial indicator measuring the premium investors demand to hold Argentine debt compared to safe US Treasury bonds. A lower number signals growing international trust in the country's economy.
Secretary of Finance Federico Furiase detailed that this program aims to cover dollar-denominated maturities and strengthen reserve buffers. Total needs until the end of the presidential mandate are estimated at approximately USD 30 billion, with a near-term commitment of USD 4.4 billion due the week of the announcement.
Includes USD 6.7 billion in purchases from the Central Bank (BCRA), USD 4 billion from international organizations (World Bank at 6.3% and IDB at 7.75%), and USD 1.9 billion from the IMF.
Contemplates USD 4.9 billion from the BCRA, USD 5 billion in local issuances, USD 1.7 billion from the IMF, and USD 1.5 billion from privatizations.
The plan relies on the backing of international organizations and the strengthening of foreign reserves. The Central Bank (BCRA), led by Santiago Bausili, has already accumulated over USD 10 billion in reserve purchases since January 2026. Additionally, it successfully refinanced three repo loans totaling USD 6 billion maturing in September 2028.
Regarding the currency swap with China, which expires in August and represents almost 50% of gross reserves, a three-year renewal is expected following discussions between the BCRA head and Asian authorities. Caputo clarified that these 'options' do not include a swap with the United States, but the team is prepared for any scenario.
You can check the original details at the following links (in Spanish):
Infobae - Plan Financiero 2027
Alfredo S. Quiroga
