Post by sajindarahmanpriya on Feb 19, 2024 22:31:38 GMT -6
Precisely in its article 1, it establishes that “any issuance of public securities in foreign currency and under foreign legislation and jurisdiction” that exceeds the maximum percentage authorized in the annual Budget “will require a special law of the Honorable Congress of the Nation that expressly authorizes it.” . ”. In other words, the general law opens the door for the executive branch to borrow abroad above what is budgeted without seeking legislative approval . The need for parliamentary authorization was a response from the previous government to the external debt cycle that marked Mauricio Macri's administration. Between 2015 and 2019, the debt in foreign currency increased by around US$ 100,000 million: first, through the placements of the then Minister of Finance and now Minister of Economy, Luis Caputo, in the international market and, later, through of the agreement with the International Monetary Fund (IMF).
Not only Unión por la Patria and the Left Front oppose this point of the omnibus law. Also a sector of the UCR. "We are not going to support Caputo being Asia Mobile Number List able to go into debt without going through Congress," radical deputy Mario Barletta said this Monday in statements to Radio El Destape. It remains to be seen if the Government provides the numbers to approve it. Debt, omnibus law and restructuring Another article in question is number 14 of the opinion (it remains at number 13 in the latest version), which makes the requirements for any public debt restructuring process defined by article 65 of Law No. 24,156 on Financial Administration more flexible.
This law establishes that any restructuring must imply “an improvement in the amounts, terms and/or interests of the original operations” and, in general, it was interpreted as requiring two of those three conditions: capital reduction, extension of maturities and reduction . of rates. Specifically, the latest draft of the general bill directly deletes all references to these three dimensions and simply states that the restructuring must be carried out “taking into account the conditions prevailing in the financial market.
Not only Unión por la Patria and the Left Front oppose this point of the omnibus law. Also a sector of the UCR. "We are not going to support Caputo being Asia Mobile Number List able to go into debt without going through Congress," radical deputy Mario Barletta said this Monday in statements to Radio El Destape. It remains to be seen if the Government provides the numbers to approve it. Debt, omnibus law and restructuring Another article in question is number 14 of the opinion (it remains at number 13 in the latest version), which makes the requirements for any public debt restructuring process defined by article 65 of Law No. 24,156 on Financial Administration more flexible.
This law establishes that any restructuring must imply “an improvement in the amounts, terms and/or interests of the original operations” and, in general, it was interpreted as requiring two of those three conditions: capital reduction, extension of maturities and reduction . of rates. Specifically, the latest draft of the general bill directly deletes all references to these three dimensions and simply states that the restructuring must be carried out “taking into account the conditions prevailing in the financial market.