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Bond Market News
Argentina Hits Budget Surplus, First Time in 14 Years
January 20, 2025
Argentina witnessed a budget surplus of ARS 1.76tn ($1.7bn) in the previous financial year. The budget surplus accounted to about 0.3% of GDP. Its primary fiscal balance, which excludes debt payments, was up to a surplus of ARS 10.41bn ($bn), or 1.8% of GDP. This comes after several austerity measures taken by the nation’s President Javier Milei, during which even inflation has fallen. The surplus comes at a time when the IMF has been critical of the nation’s $44bn agreement with the multilateral lender, noting that the sovereign had failed to stabilize the economy. The IMF had cited policy missteps, economic decline and program design flaws.
Argentina’s dollar bonds were however, trading slightly lower with its 3.5% 2041s down 0.5 points to 63.4, yielding 10.5%.
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