The Minister of Economy of the Nation, Sergio Massaexplained this Wednesday that he asked the Central Bank to “carry forward on behalf of the Treasury a process of repurchasing Argentina’s external debt for more than one billion dollars.”
Massa referred to the procedure a few minutes before the opening of the financial and stock markets. The politician explained that he took that initiative “to improve the debt profile and continue lowering the country risk”. Well, the operation is “a first step very focused on global (bonds), especially short-maturity ones”.
Alberto Fernández’s minister used his social profile on Twitter to explain that, “At this moment, the national public debt instruments in foreign currency are listed in the secondary market at low parities, with differences between said parities and the resulting rates of return, creating a huge window of opportunity for our country”.
This Wednesday the Joint Resolution 1/2023 of the Treasury and Finance Secretariats of the Ministry of Economy chaired by Massa was published in the Official Gazette. It details the securities subject to the repurchase operation.
The secretaries of the Treasury, Raúl Rigo, and of Finance, Eduardo Setti, adhered to the statements of Massa to the express what is “feasible and convenient because the instruments are trading in the secondary market at low parities”.
The points of the announcement
The decision issued by the Ministry of Economy aims to improve the profile of Argentina’s external debt to lower what is called Country Risk. This stage consists of 1,000 million dollars and focuses on global bonds.
“We will also be inviting the private sector to accompany the Argentine State in this job of improving the profile, so that we carry out other measures like the one we are taking today”He said headline of Economy.
“This decision would imply going on the path towards the macroeconomic normalization of Argentina to subsequently generate employment and increase consumption,” said the national official.