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

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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

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