Lacunza reperfilation will cost an additional $ 1,500 million next year

The cost of extending the short-term debt maturities announced by Minister Lacunza on August 28 will be close to $ 1.5 billion, the Congressional Budget Office reported.

This is the additional interest that the Public Treasury has to face as a result of the Minister's decision to pay institutional holders only 15% of Treasury bill maturities (Lelink, Lecap, Lecer, Letes) in the United States. as fast as we can. 25% at 3 months and the rest at 6 months.

The reperfilamiento reversed the burden of the deadlines: until the announcement of Lacunza, 77% of the payments had to be made in 2019; With the new regime, 72% will be canceled in 2020.

As a result, short-term debt maturities held by private creditors increased from $ 15,283 million to $ 5,977 million, representing savings of $ 9,300 million this year.

"The reperfilation of treasury bills resulted in an estimated US $ 5,586 million reduction in LET and LELINK maturities in 2019 (US $ 8,751 million vs. US $ 3,165 million) and US $ 223,222 million. US $ 391,923 million from LECER (US $ 391,923 million, US $ 168,700 million), "said the Budget Office's report, which calculated a dollar at US $ 60, according to the LPO.

As a result, short-term debt – which amounted to $ 4,665 million in the original plan – will rise to $ 15,443 million, an amount saved in 2019 and an additional $ 1,472 million. for valid reasons. new interests generated by the unilateral reperfilation of 85% of commitments.

"To estimate the actual impact of the measures on financing needs, only securities held by the private sector are taken into account, baduming that the intra-government maturities are fully refinanced. Treasure they are in the hands of retail investors (ie the remaining 85% are repaid), the scheduled maturities for 2019 are reduced by 9 306 million US dollars. the extension of the terms, an additional $ 1,472 million is accrued interest on the initial payment schedule, "said Congress.

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