A commission of the Argentine Senate on Tuesday gave its endorsement so that the bill of Restoration of the Sustainability of the Public Debt Issued under Foreign Legislation, promoted by the Government, is debated this Wednesday in the plenary session of the Upper House in a session extraordinary
The initiative, which was approved last week by the Chamber of Deputies, was analyzed today by the senators who make up the Budget and Finance Commission.
At the meeting, most of the senators signed the ruling of the official majority for the bill to be debated this Wednesday in the full Senate, where the ruling Peronism is the majority.
The initiative would also add votes from the opposition.
At the meeting on Tuesday, Senator Luis Naidenoff, of Together for Change, advanced “the commitment to accompany the project” from the main opposition bloc, although he reminded the Government of the need to know the macroeconomic program of the new Executive.
The head of the ruling party, José Mayans, valued “the responsible support” anticipated by Naidenoff.
The initiative enables the Argentine Ministry of Economy to renegotiate the country’s heavy foreign debt.
If the project is approved on Wednesday, the Executive will be authorized to take the necessary formal steps with a view to launching a restructuring offer to private creditors in the second week of March, whose term of accession will expire at the end of the same month.
When appearing today before the senators, the Legal Undersecretary of the Ministry of Economy, Cristian Dellepiane, said that what the law pursues is that “the operation contains an improvement of capital, term and interest, directly linked to the amount to be determined”, that so far the Government has not informed what it will be.
According to data from the Ministry of Finance, at the end of last December Argentina’s gross debt amounted to 323,177 million dollars, 44% issued under foreign legislation.
The debt in medium and long-term public bonds amounts to about 194,000 million dollars, 80% in foreign currency.
The debate and the vote on the project in the Senate will coincide with the end of the tour that President Alberto Fernández started last week in Italy, Germany, Spain and France in search of support within the board of the International Monetary Fund, with the Argentina also seeks to renegotiate its debt.