On January 29, the Chamber of Deputies passed the bill on the Sustainability of the Foreign Public Debt, with 224 votes in favor, 2 against and 1 abstention. To access the text discussed by the legislators, click here. The Senate is expected to discuss it and pass it next week.

The initiative empowers the Executive to negotiate the debt by using public securities issued under foreign jurisdiction. Also included is the waiver of the right to invoke sovereign immunity against the seizure and execution of certain national assets, in particular Central Bank reserves or accounts.

The idea is to ensure that the Executive branch gets better conditions to enable it to meet its debt maturities. Economy Minister Martin Guzman said that they are seeking to “develop the necessary operations to restore public debt sustainability.” 

The presentations at the meeting included one by Deputy Carlos Heller (Frente de Todos – ruling party) who stressed that the Executive is planning these negotiations based on an economic plan to foster the growth necessary for Argentina to meet its debt commitments.