On April 4th, Finance Minister Luis Caputo made a presentation before the Monitoring and Control of the Argentinean Foreign Debt Bicameral Committee. In this context, the minister stressed the debt is “approximately 30 percent of the product.” He clarified that it will reach its peak in 2021 with 38 percent of the GDP. Afterwards, it will gradually fall.

On the other hand, he estimated that public concern about the debt is “reasonable”, because “the financing ended badly many times, but this time it will be different.” He added that “what people have to worry about is that we meet the deficit goals.”

In this regard, he pointed out that the current deficit rate is “unsustainable”, but that the goal of 3.2 percent for this year will be met, stressing that the same happened in 2016 and 2017.

Also, he said, “we have to try to reduce our dependence on external financing”. He stressed that it is necessary to sustain the administration based on internal savings. He indicated that, in order to reduce the inherited primary deficit (“5.5 points of GDP”), “gradualism” is key.