Buenos Aires Times

economy Up 20% on 2016

Argentina’s foreign debt hits US$216 billion

The national government is looking urgently at a range of tax reform measures to lower the deficit and avoid repayment obligations surpassing 4.2 percent of GDP.

Thursday 21 December, 2017
Argentina's foreign debt rose 20.3 percent in the year from the third quarter of 2016 to the same period in 2017.
Argentina's foreign debt rose 20.3 percent in the year from the third quarter of 2016 to the same period in 2017. Foto:Cedoc

Argentina’s foreign debt rose to US$216 billion in 2017, up 20.3 percent on 2016’s total foreign debt, a report from the country’s INDEC statistics bureau revealed on Thursday.

The accumulation of foreign debt accelerated during 2017, the report indicated.

For instance, the current account deficit was US$8.68 billion dollars in the third quarter of 2017 compared to US$2.89 billion in the same period in 2016.

In the second quarter of 2017 alone there was a 5.5 percent increase in foreign debt to US$204.91 billion.

The national government is looking urgently at a range of tax reform measures to lower the deficit and avoid repayment obligations surpassing 4.2 percent of GDP.

The INDEC report indicated that “at September of this year, the national government held 62 percent of debt; the Central Bank, 7 percent; deposit-taking institutions, 2 percent; and other sectors, 29 percent”.

-TIMES/PERFIL

Poll

Op-Ed

Top Stories

  1. 1Mar del Plata court set for unprecedented neo-Nazi trialMar del Plata court set for unprecedented neo-Nazi trial
  2. 2El Gráfico: 99-year print run comes to an end
  3. 3"Mexican journalists are being killed, Argentine journalists are being fired"
  4. 4Government pushes back after week of fierce criticism over Santiago Maldonado
  5. 5The End of the Pax Macrista
  6. 6Pope Francis denounces violence in struggle for indigenous rights
  7. 7Peña: No extraordinary sessions of Congress for labour reform
  8. 8Economy in brief: Pascua-Lama, Beef to China, short-selling approved
  9. 9These guys were Argentina at its best
  10. 10Mar del Plata court set for unprecedented neo-Nazi trial