Caputo will announce on Monday how he will cover debt payments through the end of 2027

As the official explained, the objective will be detail the different sources of financing which the Government will have to cover these obligations and clear up the market’s doubts about the payment capacity in the coming years.

Furiase assured that it will be “a very conservative financial program“from the point of view of the debt placement assumptions and the financing sources planned for 2027. In that sense, he pointed out that the economic team has been building financial cushions during 2026 that will allow us to reach the following year with greater room for maneuver.

According to Furiase, the presentation will show the different “options” which the Treasury will have to manage its maturity profile and will reinforce the message that financing for the next two years is already assured, he said during a program on the official streaming channel Fuckwhich Furiase animates together with the director of the BCRA Martin Vauthier.

“Let’s show that is completely closednot only 2026, but also 2027,” he stated. He even maintained that the election year will be “less challenging than 2026” in terms of financing needs, precisely because of the strategies that are already underway.

For Furiase, this scheme will contribute to strengthening the favorable expectations of investors, in the same way that happened with debt in pesos. As an example, he recalled that the Government has already managed to ensure that “40% of the debt maturities in local currency” are concentrated after October 2027, which thus reduced financial pressures during the electoral process.

The official also linked this strategy to the improvement of macroeconomic variables. He stated that the reduction in country risk, the decrease in interest rates, the slowdown in inflation and the reduction in inflationary expectations end up reinforcing economic growth.

“Clearly, all of this, ultimately, ends up reinforcing economic growth and lowering inflation“, he said, pointing out that this process improves financing conditions for families and companies that need to access credit for consumption, investment or working capital.

As explained Clarionthe next 18 months will require the Government to undertake financial engineering that will allow it to cover US$30 billion in debt maturities to creditors of all types, from the IMF to foreign investment funds. A part of those (US$ 6,000 million) were already refinanced this Friday until 2028, as announced by the BCRA. The final number, then, would be approximately US$24 billion.

The Ministry of Economy agreed with a group of international credit organizations (World Bank and IDB) to act as guarantors for that credit. With these entities behind, the interest rate to be paid should be lower than if Luis Caputo went out to look for those dollars on Wall Street.

There is a wall of debt maturities that barely exceeds US$30 billion. The first test will come soon: on July 9, around US$4.3 billion of sovereign bonds mature.

In the next 18 months, in the line of creditors to collect are from the Monetary Fund to private holders of Treasury bonds, which can be from large investment funds to small local or foreign savers.

There is debt from the Ministry of Economy (most of it), and also from the Central Bank, which issued its own bonds in dollars, the Bopreales, in the last two years.

The idea prevails in the market that the Government will arrive on time with payments. “The financial program for 2026 would seem resolved and that of 2027 feasible,” said the consulting firm Romano Group. In any case, analysts consider that a gradual return to international markets could help build a currency cushion for the coming years.