Argentina Watch: Financial plan 2026-27 unveiled.

Research evidence excerpt

Argentina Watch: Financial plan 2026-27 unveiled.

Accessible version

Argentina Watch

Financial plan 2026-27 unveiled.

Government financial plan over-funded in 2026 07 July 2026

The government presented the 2026-27 financing plan to cover FX debt maturities for GEM Economics

$44bn. Projections show that this year is overfunded by $3.7bn, while 2027 is fully LatAm | Argentina

covered. The ministry of economy assumes no global issuance in that period as it Sebastian Rondeau

focuses on cheaper financing options. The plan is consistent with the objective of FX Southern Cone & Venz Economist

reserves accumulation. BofAS+1 646 855 3767

sebastian.rondeau@bofa.com

Multilaterals, local law FX debt and BCRA’s USD Lucas Martin, CFA

The 2026-27 program relies mostly on loans guaranteed by international financial SovereignBofAS Debt FI Strategist

institutions (IFIs) of $4bn, rollover of domestic debt of $11bn (principal) and +1 646 855 1731

lucas.martin@bofa.com

privatization of $2.3bn. It also considers USD purchases from BCRA of $11.6bn (of which

$6.7bn was already done) financed by the primary surplus in pesos. See tables inside. See Team Page for List of Analysts

No global issuance for now

The plan does not consider global issuance through 2027, as the government prioritizes

cheaper financing options like IFIs backed loans (6.3%-7.7% interest rates). However,

authorities could consider a global issue as an option if yields get closer to the cost of

other sources of financing.

IFIs-backed loans to arrive this week

The government contemplates a $2bn loan backed with guarantees from the World

Bank, paying 6.3% interest rate (6 years maturity with 3.5 years of grace period). And a

$1.2bn backed by the IADB at 7.75% interest rate (10 years, 3.5 years of grace period).