Public Debt Ceiling Law
Law No. 19,924, enacted on December 18, 2020, constitutes the new regulatory framework for the authorization of the National Public Debt. Article 696 of the aforementioned law establishes that the maximum net indebtedness that the Central Government may incur during 2020 and 2021 will be US$ 3.5 billion and US$ 2.3 billion, respectively.
According to Article 696, Net Indebtedness is defined as the gross debt issuance of market debt securities and loan disbursements from financial institutions and multilateral credit organizations, net of contractual or anticipated amortizations and cancellations of such financial instruments, as well as the change in financial assets of the Central Government (liquid and other financial assets) during the year.
Press Release Net Indebtedness 2020 (in spanish)