Argentina's sovereign debt and the IMF: defaults, restructurings and the 2025 program

Last verified: 27 Oct 2026 · Status: Changing

Size of the debt. Gross debt of the central administration was US$ 474,198 million at 30 June 2026, equal to 71.4% of GDP at the end of period exchange rate (Secretaría de Finanzas, Q2 2026 report; workbook sheet A.1.1). That is about ARS 703.2 trillion at the Com. A 3500 rate of 30 June 2026 used by the Ministry, or about ARS 741.6 trillion at the 23 Oct 2026 dólar MEP rate. Of the total, 41.6% is owed to other public sector agencies (mainly the BCRA, the pension fund and Banco Nación), 37.5% to private creditors and 20.9% to multilateral and bilateral lenders (Q2 2026 report, chapter 3).
Who the market lends to. Debt held by the private sector, excluding defaulted debt still pending restructuring, was US$ 175,335 million; 33.6% of it is under foreign law and 66.4% under Argentine law (Q2 2026 report, chapter 5). The 2020 Globales (New York law) and Bonares (Argentine law) in dollars and euros make up most of the foreign currency bond stock (workbook sheet A.1.9).
The IMF is now the single largest creditor outside the public sector. The IMF loan stood at US$ 57,705 million at 30 June 2026 (sheet A.1.1). Argentina has borrowed under a Stand By of June 2018, an Extended Fund Facility (EFF) of March 2022 that refinanced it (Law 27.668), and a new EFF of US$ 20,000 million announced on 11 April 2025 (Ministry of Economy release), approved by DNU 179/2025 rather than by a specific law. Law 27.612 art. 2 requires "a law of Congress" for every IMF program; whether a decree of necessity and urgency satisfies that rule is legally contested, although the Chamber of Deputies declared the DNU valid (Resolution 741-D/2025).
Default record. Argentina's own 2020 prospectus says the Republic had "two periods of external and domestic debt in default in the 1980's and in 2002" in the previous 30 years and then missed bond payments in April, May and June 2020 (Decree 676/2020, Annex I, risk factors). The longer list of nine defaults (1827, 1890, 1951, 1956, 1982, 1989, 2001, 2014, 2020) used in some secondary summaries is a market and academic convention; no Argentine official text in the sources lists it, and the 2014 episode is contested (unconfirmed).
The 2020 restructuring. Foreign law bondholders accepted an exchange with 93.55% tenders, and collective action clauses lifted the result to 99.01% of eligible principal (Ministry of Economy release, 31 August 2020). Each US$ 100 of most old dollar bonds became US$ 97 of new step up bonds plus a small 1% 2029 bond for accrued interest (Decree 676/2020, Annex I). Local law dollar bonds followed under Law 27.556.
Maturity wall. Scheduled debt service (principal and interest, all creditors, debt in normal payment) is US$ 86,150 million for July to December 2026, US$ 100,567 million for 2027 and US$ 80,497 million for 2028 (sheet A.3.6). Most of it is short peso Treasury paper rolled in local auctions and intra public sector debt. The hard currency needs the Treasury itself plans for are much smaller: US$ 19.2 billion in 2026 and US$ 24.9 billion in 2027 (Secretaría de Finanzas, Programa Financiero, July 2026).
Market access. Since December 2025 the Treasury has sold local law dollar bonds for cash (6.5% 2029 at a 9.26% yield in December 2025; 6% 2027 and 2028 bonds of US$ 2,000 million each in February and March 2026; 6% 2029 bonds from July 2026) and, in May and June 2025, a peso bond subscribed in dollars by foreign investors. The 2026 and 2027 financing program shows no international bond issues (Programa Financiero, July 2026). A return to New York law issuance is therefore not in the official plan (unconfirmed).
Country risk and ratings. The BCRA reports that the country risk spread fell from 556 to 434 basis points in the three months to end July 2026, and that Fitch (CCC+ to B minus, early May 2026), S&P (CCC to B minus, about a month later) and Moody's (Caa1 to B3, mid July 2026) upgraded the sovereign (IPOM June 2026, paragraph 24). On 22 October 2026 the Secretary of Finance acknowledged a "recent rise" in country risk that he attributed to the global context (Ministry of Economy release, 22 October 2026). The current level is not in any official source downloaded (unconfirmed).
What it means for you. The sovereign's credit sets the ceiling for most Argentine borrowers, drives the FX rules (the BCRA rations dollars to protect reserves) and anchors peso and dollar interest rates. Read this page with the exchange controls page before pricing any cross border deal.

Who should read this page.

Foreign investors and lenders pricing Argentine risk, structuring guarantees or negotiating governing law and jurisdiction clauses.
Finance directors of Argentine subsidiaries that hold sovereign bonds, Treasury bills or BOPREAL, or that use sovereign bonds for MEP and CCL operations.
Local SMEs and individuals deciding between peso and dollar Treasury instruments.
Advisers who need the legal basis (laws, decrees, resolutions with articles and Official Gazette dates) and a clear list of what is still uncertain.

Peso amounts are converted at the dólar MEP (bolsa) selling rate of ARS 1,563.90 per US$ on 23 Oct 2026 (source: dolarapi.com, MEP quote). Conversions are indicative and move daily.

Key rules

1. Who may borrow, and the role of Congress

Constitution. Congress has the power to "contraer empréstitos sobre el crédito de la Nación" and to "arreglar el pago de la deuda interior y exterior" (Constitution, art. 75, incs. 4 and 7, as recited in DNU 179/2025). The President runs the general administration and signs agreements with international organisations (art. 99, incs. 1 and 11, as recited in DNU 179/2025).
Financial Administration Law. Under Law 24.156 art. 60, as recited in DNU 179/2025, no specific law was needed for credit operations with international financial organisations of which Argentina is a member. That is how the 2018 Stand By was signed without a law (DNU 179/2025, recitals). Restructurings are carried out under Law 24.156 art. 65 (Joint Resolutions 21/2025 and 30/2026, recitals; Decree 676/2020, Annex I, risk factors) (unconfirmed).
Liability management. Law 11.672 (Ley Complementaria Permanente de Presupuesto, t.o. 2014) art. 55 lets the Secretariats of Finance and Treasury carry out liability management operations, including restructurings under Law 24.156 art. 65, buybacks, swaps and derivatives, outside the public procurement regime of Decree 1023/2001, and requires prices to take account of market values (Joint Resolution 21/2025, recitals).
Law 27.612 (BO 3 March 2021), "Ley de Fortalecimiento de la Sostenibilidad de la Deuda Pública".
Art. 1: each annual budget law must set a maximum share of foreign currency, foreign law bond issues within total authorised bond issues; any issue above that share needs a special law.
Art. 2: "todo programa de financiamiento u operación de crédito público realizados con el Fondo Monetario Internacional (FMI), así como también cualquier ampliación de los montos de esos programas u operaciones, requerirá de una ley del Honorable Congreso de la Nación que lo apruebe expresamente".
Art. 3: foreign law bonds and IMF money may not finance current primary spending, except the extraordinary expenses in Law 24.156 art. 39.
The 2025 controversy, stated plainly. DNU 179/2025 (signed 10 March, BO 11 March 2025) approved the credit operations of the 2025 EFF by decree. Its recitals argue that Law 27.612 only requires approval of the credit operation, not of the economic program, and invoke the urgency test for DNUs under Constitution art. 99 inc. 3. Critics argue that a statute requiring "a law" cannot be met by a decree. The Chamber of Deputies declared the decree valid on 19 March 2025 (Resolution 741-D/2025, BO 25 March 2025). Because a DNU stays in force unless both chambers reject it, the decree is in force (unconfirmed). For a creditor the practical point is that the IMF disbursed (sheet A.4.4), and the domestic debate goes to the legality of the instrument under Argentine law, not to the IMF's own claim.

2. Argentina and the IMF: legal base

Argentina joined the IMF by Decree Law 15.970 of 31 August 1956, ratified by Law 14.467; the BCRA is the IMF's depositary in Argentina and the government's fiscal agent with the Fund (DNU 179/2025, recitals). Law 17.887 approved the 1968 amendments that created the Special Drawing Right (DEG) (DNU 179/2025, recitals).
Decree 1599/2005, ratified by Law 26.076, allowed reserves in excess of 100% of the monetary base to be used to pay international financial organisations if the operation was monetarily neutral (DNU 179/2025, recitals). The Ministry's flow table shows US$ 9,530 million of IMF principal repaid in 2006 (sheet A.4.4), consistent with the early repayment of that period (unconfirmed).

3. Defaults: what the official record shows

#	Year	Event	Official text in sources	Status
1 to 4	1827, 1890, 1951, 1956	Early external defaults or reschedulings listed in some secondary summaries	None	(unconfirmed)
5 and 6	1982 and 1989	Debt crisis of the 1980s, later the Brady Plan	2020 prospectus: "two periods of external and domestic debt in default in the 1980's and in 2002"; restructurings included "the Brady Plan" (Decree 676/2020, Annex I)	Years 1982 and 1989 as separate events (unconfirmed)
7	2001 to 2005	Bond payments deferred, then exchanged in 2005 and 2010	Decree 256/2002; Decree 1735/2004; Decree 563/2010; the prospectus speaks of "the Republic's default on its debt at the end of 2001"	Clear default
8	2014	Payment of 26 June 2014 blocked by New York orders	Law 26.984 art. 2 calls it an "ilegítima e ilegal obstrucción"	Contested: Argentina paid, holders were not paid (unconfirmed)
9	2019 to 2020	Short term debt reprofiled (2019); interest unpaid on 22 April, 28 June and 30 June 2020	DNU 596/2019; DNU 346/2020; Decree 676/2020, Annex I	Default on foreign law bonds after the 30 day grace period expired on 22 May 2020 (prospectus)

The prospectus also states that between December 2019 and 21 April 2020 the Republic paid US$ 1.9 billion of interest on the bonds that were later exchanged (Decree 676/2020, Annex I). Counting conventions differ, so "the ninth default" is a convenient shorthand, not an official figure.

4. The 2005 and 2010 exchanges and the "lock law"

2005. Decree 1735/2004 (BO 10 December 2004) set the terms for the bonds whose payments had been deferred under Law 25.827 art. 59, with new bonds capped at a face value of US$ 41,800 million, plus GDP linked securities (arts. 1, 2 and 6, as summarised in the economy history page). Participation and haircut (unconfirmed).
Lock law. Law 26.017 (BO 11 February 2005) barred any reopening (art. 2) and any settlement with holdouts (art. 3). It was suspended by Law 26.547 (BO 10 December 2009) to allow the 2010 exchange on terms that could not be better than 2005 (art. 3), and later repealed by Law 27.249 art. 1.
2010. Decree 563/2010 (BO 29 April 2010) launched the reopening. Participation (unconfirmed).
Legacy today. The 2005 and 2010 Par and Discount bonds still outstanding total US$ 842 million at updated value (sheet A.1.9), mostly euro and yen Pars that were excluded from the 2020 exchange (Ministry of Economy release, 31 August 2020, note 1). The GDP linked securities still have a remaining maximum value of US$ 12,892 million (sheet A.4.1): they pay only if real GDP beats the base case, growth beats the base case growth rate, and total payments stay within 48 units per 100 of notional (sheet A.4.1, note 1). Their contractual details and litigation history (unconfirmed).

5. Holdouts, the pari passu orders and the 2016 settlement

The clash. Law 26.984 (BO 12 September 2014) declared the 2005 and 2010 restructuring of public interest (art. 1) because orders of the Southern District of New York in NML Capital Ltd. et al. v. Republic of Argentina blocked the funds Argentina paid on 26 June 2014 (art. 2). It replaced the trustee with a local trust structure (art. 3 and following).
What "pari passu" meant here. Law 27.249 art. 6(b) identifies the "Orden Pari Passu Original" of 23 February 2012, modified on 21 November 2012, and the "Orden Pari Passu Me Too" of 30 October 2015. In practice the court read the bonds' equal treatment clause as forbidding Argentina to pay the restructured bonds without paying the holdouts ratably. Argentine law never accepted that reading (Law 26.984 art. 2).
The settlement. Law 27.249 (BO 1 April 2016):
Art. 1 repealed Laws 26.017, 26.547, 26.886 and 26.984.
Art. 2 made the settlement effective only once the Second Circuit confirmed the lifting of all injunctions.
Art. 6(a) "Oferta Base": principal plus 50%, capped at the amount of any judgment plus judicial interest to 31 January 2016.
Art. 6(b) "Oferta Pari Passu": 70% of the legal claim for holders covered by the pari passu orders.
Art. 7 authorised new debt to pay the settlements (US$ 12,500 million per the economy history page) (unconfirmed).
Art. 9 required collective action clauses and a market standard pari passu clause in new issues (economy history page).
Still pending. "Deuda elegible pendiente de reestructuración", meaning 2005 and 2010 eligible bonds never tendered and not settled under Law 27.249, is still US$ 2,403 million (principal US$ 1,045 million, interest arrears US$ 855 million, compensatory interest US$ 502 million) (sheet A.1.1, item V). Holders who never settled can still sue or negotiate. The 2020 prospectus describes the settlement values used for such claims ("standard option" and "pari passu option") but stresses that the Republic attributes no value to them for other purposes (Decree 676/2020, Annex I) (unconfirmed).

6. The 2019 reprofiling

DNU 596/2019 (BO 29 August 2019) rescheduled short term Treasury paper: 15% paid at the original maturity, 25% 90 days later plus interest, and the balance at 180 days (art. 1), without stopping interest accrual (art. 3). Individuals who held the paper on 31 July 2019 were paid on the original terms (art. 2). It is the start of the 2019 to 2020 default episode for local investors.

7. The 2020 restructuring of foreign law bonds (Globales)

Authority and limits. Law 27.544 (BO 12 February 2020) made restoring the sustainability of foreign law debt a priority (art. 1). Immunity waivers exclude, among other assets, BCRA reserves and public domain property (art. 3), and adviser fees were capped at 0.1% (art. 4(e)) (as summarised in the economy history page). The perimeter was US$ 68,842,528,826 of eligible foreign law bonds (Decree 250/2020, BO 10 March 2020).
Offer. Decree 391/2020 (BO 22 April 2020) launched the invitation; Decree 582/2020 modified it; Decree 676/2020 (BO 16 August 2020) approved Amendment No. 2 to the prospectus supplement (art. 1) and set the issue terms (art. 2, Annex II), rectified by Decree 701/2020 (BO 28 August 2020). Amendment No. 2 moved payment dates to 9 January and 9 July, made the 2030 bonds amortise from July 2024 (first instalment half the size of the others) and the 2038 bonds from July 2027 (Annex I, cover page).
Exchange ratios for each US$ 100 tendered (Decree 676/2020, Annex I, "Consideration to Be Received Pursuant to Tender Orders"):
USD bonds due 2021 to 2023 or 2026 to 2036: US$ 97 of the new 2030, 2035 or 2046 bonds (2026 to 2036 bonds subject to acceptance priority procedures).
USD bonds due 2046 to 2117: US$ 97 of the new 2035 or 2046 bonds.
USD Discount bonds (2005 and 2010 series): US$ 140.20380 of the new 2038 or 2041 bonds, or US$ 135.99769 of 2046 bonds (per US$ 100 original principal).
USD Par bonds: US$ 100 of the new 2041 bonds, or US$ 97 of 2046 bonds.
Accrued interest was not paid in cash: holders received the 1% 2029 bonds for interest accrued to 22 April 2020 ("Accrued Interest Consideration") and, for tenders, also for 22 April to 4 September 2020 ("Additional Consent Consideration"). For the old USD 2026 bonds the combined figure was US$ 6.50 of 2029 bonds per US$ 100 tendered, against US$ 3.75 for bonds substituted through the CACs without tendering (Annex I).
Result. Tenders reached 93.55% and consents 99.01% of eligible principal; the 2005 indenture CACs required at least 85% aggregate and 66⅔% per series, while the 2016 indenture used its own aggregated thresholds (Ministry of Economy release, 31 August 2020). The euro and dollar Par 2038 series II and III were excluded and remain outstanding (same release, note 1). Settlement was 4 September 2020.
New bonds issued (planned amounts in the 31 August 2020 release): US$ 2,635 million of 2029s, US$ 16,091 million of 2030s, US$ 20,502 million of 2035s, US$ 11,405 million of 2038s, US$ 10,482 million of 2041s and US$ 2,092 million of 2046s, plus euro series. US$ 27.8 million of the 2029s were used to reimburse creditor committee costs.
Rights upon future offers (RUFO style clause). Until the fifth anniversary of settlement (4 September 2025), if Argentina voluntarily offered better terms to non participating 2005 or 2016 indenture bonds, holders of most new bonds could exchange into that offer (Annex I, "Rights Upon Future Offers"). That window has closed.
Enforcement realities. The prospectus warns that the Republic has not waived immunity for securities law claims, that execution in the United States is limited by the FSIA, that the Supreme Court of Argentina refused to enforce a foreign judgment in Claren Corporation v. Estado Nacional (6 March 2014) because it would bypass emergency restructuring legislation, and that Law 11.672 requires Congress to approve in the budget the payment of any foreign judgment (Decree 676/2020, Annex I, risk factors).

8. The 2020 restructuring of local law bonds (Bonares) and the local deferral

Deferral. DNU 346/2020 (BO 6 April 2020) deferred interest and principal on dollar bonds under Argentine law to 31 December 2020 (art. 1).
Law 27.556 (BO 8 August 2020). Ordered the exchange of the local law dollar bonds in its Annex I (art. 1) for new dollar bonds and, as an option, CER adjusted peso bonds (art. 2, Annexes II and III). Non tendering holders stay deferred to 31 December 2021 (art. 3), extended to 31 December 2022 by Decree 331/2022 art. 10 (Infoleg note to art. 3). Late tenders only get interest accrued to the date of DNU 346/2020 (art. 3). The Ministry reports to Congress within 90 days of settlement (art. 6).
Local options. Exchange ratios were set per US$ 100 of each eligible bond; for example, Bonar 8% 2020 holders received 97 of the 2030, 2035 or 2041 local bonds, and LETES due August 2019 received 58.20 (Decree 676/2020, Annex III, restating Law 27.556 Annex II). Holders of some bonds could choose the BONCER 2026 2% or BONCER 2028 2.25% CER bonds, with a joint cap of ARS 1,727,129 million (Law 27.556, Annex II).
Most favoured treatment. If, within five years of the foreign settlement, Argentina voluntarily improved the offer to either the local or the foreign eligible bonds, the improvement extended to the local new bonds (Law 27.556, Annex II). On that basis Decree 676/2020 art. 4 "adapted" Annexes II and III of Law 27.556 to the final foreign terms (Annexes III and IV of the decree): the local 2030 bond also pays on 9 January and 9 July, amortises 4% on 9 July 2024 and 8% every six months to 9 July 2030, and has the same step up coupon as the Global 2030. Trap: the Law 27.556 text on Infoleg still shows the superseded dates (4 March and 4 September, 12 equal instalments from March 2025); use Decree 676/2020 Annex IV.
Participation in the local exchange (unconfirmed).

9. The IMF programs of 2018, 2022 and 2025

2018 Stand By. A 36 month Stand By was agreed in June 2018 (Ministry of Economy release, 7 June 2018) and "aprobado el 20 de junio de 2018" (DNU 179/2025, recitals). Targets: primary deficit of 2.7% of GDP in 2018, 1.3% in 2019, balance in 2020 and a 0.5% surplus in 2021; inflation of 17% (2019), 13% (2020) and 9% (2021); zero monetary financing of the Treasury. Each disbursement was to be repaid in eight quarterly instalments after three years of grace, at an SDR based variable rate estimated at 1.96%, rising to 3.96% above 187.5% of quota (about US$ 8,480 million) and 4.96% if that excess lasted over three years (release of 7 June 2018). In August 2018 the government asked for more access and front loading into 2018 to 2019 (Decree 676/2020, Annex I, "Background to the Invitation"). IMF disbursements were US$ 28,252 million in 2018 and US$ 16,225 million in 2019 (sheet A.4.4). Inflation, reserves and the current account missed the program (prospectus, same section).
2022 EFF (Law 27.668, BO 18 March 2022). Congress approved the credit operations of an Extended Fund Facility "para la cancelación del Acuerdo Stand By celebrado oportunamente en 2018 y para apoyo presupuestario", citing Constitution art. 75 inc. 7 and Law 27.612 art. 2 (art. 1). The government described the debt to refinance as about US$ 45,000 million, with 10 quarterly reviews over two and a half years and repayment of each disbursement over 10 years with four and a half years of grace, "comenzar a pagar la deuda a partir de 2026 y hasta 2034" (release of 3 March 2022). The fiscal path was a primary deficit of 2.5% of GDP in 2022, 1.9% in 2023 and 0.9% in 2024 (same release). The IMF's ex post evaluation found the gradualist approach "no obtuvo los resultados esperados"; all reviews tied to 2023 performance (fourth to seventh) required waivers because of tighter FX and capital controls (DNU 179/2025, recitals). The eighth review released SDR 600 million (about US$ 790 million) in June 2024, raised the June 2024 net reserve target to US$ 10.9 billion and kept the December 2024 target at US$ 9.7 billion (Ministry of Economy release, 13 June 2024). A January 2024 disbursement of SDR 3,500 million (about US$ 4,700 million) followed the seventh review (release of 31 January 2024).
2025 EFF.
Amount and term: US$ 20,000 million, a 48 month program, repayable over 10 years with four and a half years of grace on principal (release of 11 April 2025; DNU 179/2025 recitals give "hasta diez años" and a grace period of "cuatro años y seis meses").
Phasing announced: US$ 15,000 million in 2025, of which US$ 12,000 million immediately, US$ 2,000 million within 60 days and US$ 1,000 million in the rest of the year (release of 11 April 2025).
Use of funds, by law: only to cancel Treasury non transferable bills (Letras Intransferibles) held by the BCRA and 2022 EFF obligations falling due within four years (DNU 179/2025 art. 1, as recited in Decree 268/2025 and Joint Resolution 21/2025). The first US$ 12,000 million went to buy back Letras Intransferibles from the BCRA, starting with the one maturing on 1 June 2025 (Joint Resolution 21/2025, BO 7 May 2025).
Signature: Decree 268/2025 (11 April 2025, BO 14 April 2025) approved the Ministry's negotiations and authorised it to sign (art. 1).
Disbursements recorded: US$ 14,482 million in 2025 and US$ 1,044 million in January to June 2026, with no IMF principal repaid in 2025 or the first half of 2026 (sheet A.4.4). The BCRA records a disbursement of US$ 1,043 million used, with BCRA dividends, to cancel Letras Intransferibles at the end of May 2026 (IPOM June 2026, paragraph 44), consistent with Joint Resolution 30/2026 (US$ 1,040,378,745.11, BO 1 June 2026).
Reviews: on 14 October 2026 the Minister said "los equipos seguirán trabajando para finalizar la tercera revisión" (Ministry of Economy release, 14 October 2026). The dates and amounts of the first and second reviews (unconfirmed).
Reserve targets: the 2025 program's net international reserve targets, any waiver and any recalibration (unconfirmed). On 27 July 2026 the IMF Managing Director said reserve accumulation "ha superado la meta del programa" (Ministry of Economy release, 27 July 2026), without giving numbers.
IMF payments ahead: the Treasury's dollar program shows IMF principal of US$ 1.1 billion in 2026 and US$ 4.4 billion in 2027, IMF interest of US$ 3.1 billion each year, and expected IMF disbursements of US$ 1.9 billion (2026) and US$ 1.7 billion (2027) (Programa Financiero, July 2026). The 2022 EFF repayment schedule announced in 2022 began in 2026.

10. The BCRA's balance sheet, reserves and Letras Intransferibles

Letras Intransferibles are non tradable dollar Treasury notes given to the BCRA in exchange for reserves used to pay debt (Decree 298/2010 and Law 26.739, as recited in DNU 179/2025). At 30 June 2026 the Treasury still owed the BCRA US$ 30,310 million of such dollar notes at a rate linked to reserve yields ("Letras adquiridas por el BCRA", sheet A.1.9).
Buybacks. US$ 12,000 million in May 2025 with IMF money (Joint Resolution 21/2025). In May 2026 the BCRA made available ARS 24.4 trillion of 2025 dividends; ARS 18.4 trillion went to buy back notes for an estimated US$ 21,700 million of original face value, reducing gross Treasury debt by about 3.3% of GDP (Ministry of Economy release, 14 May 2026). The BCRA puts the total cancelled, with the IMF disbursement, at US$ 22,284 million (IPOM June 2026, paragraph 44).
Reserves. Gross reserves were US$ 21,209 million on 7 December 2023, US$ 36,777 million on 15 April 2025, days after the 2025 EFF was announced (unconfirmed), US$ 41,095 million on 30 December 2025 and US$ 50,228 million on 21 October 2026; the high since January 2025 was US$ 50,913 million on 25 August 2026 (BCRA API series 1). Net reserves were negative by US$ 11,200 million on 7 December 2023 and had risen by US$ 7,034 million by 6 March 2025 (DNU 179/2025, recitals). Gross reserves include borrowed items such as IMF money, repos and swap lines, so they overstate what the BCRA can freely use (unconfirmed).
Other buffers. BCRA repos with international banks: US$ 1,000 million in December 2024 and up to US$ 2,000 million more auctioned on 11 June 2025 (BCRA, 9 June 2025). A currency swap agreement with the United States Treasury for up to US$ 20,000 million was signed and announced on 20 October 2025 (BCRA release) (unconfirmed).

11. Treasury instruments and how they are auctioned

Rules. Auctions follow Joint Resolution 9/2019 of the Secretariats of Finance and Treasury (every auction notice). Since June 2025 the Treasury may accept direct dollar subscription for terms over one year, initially capped at US$ 1,000 million a month, and non residents entering through the official FX market or primary auctions of over six months no longer face minimum holding periods (BCRA, 9 June 2025).
Who can bid. Orders go through CNV registered settlement and trading agents. Non competitive tranches are for non specialised investors, one order per CUIT or CUIL, up to VNO US$ 50,000 in dollar bonds; competitive tranches start at VNO US$ 1,000 (dollar bonds) or VNO ARS 1,000,000 (peso instruments) and apply to amounts over US$ 50,000 or ARS 50,000,000 and to all specialised investors (auction notices of 5 December 2025 and 27 March 2026). Settlement is normally T+2; the 2025 peso bond for international investors settled T+5 (notice of 26 May 2025).
The menu (2025 to 2026), all governed by Argentine law and registered at the BCRA's CRyL:
LECAP and BONCAP: capitalising fixed rate peso bills and bonds (e.g. S10L5, T30E6).
BONCER and zero coupon CER bonds; dual CER or TAMAR bonds (TXMD8).
TAMAR floating rate bonds (TMF27).
Dollar linked bills and bonds (LELINK, D30S6), payable in pesos at the official rate, and dual TAMAR or dollar linked bonds.
BONTE 2030 (TY30P): fixed rate peso bond maturing 30 May 2030, semi annual coupons, one time holder put on the fourth coupon date, subscribed in dollars by international investors at the Com. A 3500 rate (notice of 26 May 2025). The 13 June 2025 reopening sold US$ 500 million at a price of ARS 1,090 per 1,000 and a 28.46% yield (result of 13 June 2025).
BONAR dollar bonds subscribed only in dollars: 6.5% 30 November 2029 (AN29), US$ 1,000 million sold at USD 910 per 1,000 for a 9.26% yield (result of 10 December 2025); 6% 29 October 2027 and 6% 31 October 2028, US$ 2,000 million each, issued 27 February and 31 March 2026 (sheet A.1.9; notice of 27 March 2026); 6% 31 October 2029 (AO29), second round of 16 July 2026 at USD 943 per 1,000, TIREA 8.29%, US$ 649 million outstanding after that round (result of 16 July 2026), reopened on 29 July 2026.
Tax clause. Each notice states that the instruments enjoy "todas las exenciones impositivas dispuestas por las leyes y reglamentaciones vigentes" (e.g. notice of 5 December 2025). See rule 12.

12. Taxes for bondholders (outline only)

Non residents. Interest and gains on Argentine public securities obtained by foreign beneficiaries are exempt from income tax, provided the beneficiary does not reside in, and the funds do not come from, a non cooperative jurisdiction (Income Tax Law t.o. 2019, art. 26 inc. u, final paragraphs). The exemption does not cover BCRA Lebac notes (same article).
Resident individuals. Art. 26 inc. h restores the exemptions repealed by Law 27.430 art. 81 incs. b, c and d for resident individuals (Income Tax Law, art. 26 inc. h). How that applies to interest and gains on each type of sovereign bond (dollar, peso, CER, dollar linked) (unconfirmed).
Companies. Argentine companies are taxed on bond income under the general rules (unconfirmed). Personal assets tax treatment of sovereign bonds (unconfirmed). This page is not tax advice; see the tax pages of the guide.

What it means for an investor or a business

Sovereign ceiling. Rating agencies rarely rate an Argentine company above the sovereign in foreign currency, because the state can restrict transfers. That is not a rule of Argentine law; it is market practice (unconfirmed). Since the 2026 upgrades the sovereign is in the B category (Table 6), so most Argentine corporate dollar debt prices off a B minus or B3 anchor. The government's stated goal is investment grade "al final del mandato" (Programa Financiero, July 2026).
FX. When the Treasury needs dollars it buys them from the BCRA (US$ 6.7 billion planned for 2026, Table 4). Reserve scarcity is the reason for the FX rules on companies: dividends from pre 2025 profits, related party debt and capital repatriation still face limits (Exchange controls). BOPREAL was the BCRA's way of turning some of those blocked payments into BCRA dollar debt (BOPREAL).
Rates. Peso rates follow Treasury auctions: since July 2025 the BCRA says the interest rate is set "endógenamente por el mercado" under a monetary aggregates regime (BCRA, 9 June 2025). Treasury dollar yields set the floor for corporate dollar borrowing locally.
Legal risk. Argentina has deferred payments by emergency law and decree (Law 27.556 art. 3; DNU 346/2020) and has refused to recognise foreign judgments that conflict with emergency legislation (Claren, as described in Decree 676/2020 Annex I). Foreign law, CACs, pari passu clauses and immunity waivers help, but they did not prevent the 2001 or 2020 defaults.
Positive signals. The Treasury posted financial surpluses and plans a fourth one in the 2027 budget (Ministry of Economy release, 15 September 2026), cancelled US$ 34,284 million of Letras Intransferibles in 2025 and 2026 (12,000 under Joint Resolution 21/2025 plus 22,284 per IPOM June 2026), and debt with private creditors fell to about 23% of GDP by June 2026 (IPOM June 2026, paragraph 25).

Step by step

A. If you want to buy or hold Argentine sovereign debt

Decide on the instrument and the law. Globales (New York law, foreign jurisdiction, settle through international clearing systems) versus Bonares and Treasury instruments (Argentine law, registered at the BCRA's CRyL). Check Table 5 and the issue terms (Decree 676/2020 Annex II or IV; the auction notice for new Treasury bonds).
Open an account with a CNV registered settlement and clearing agent (ALyC) in Argentina for local instruments, or with a foreign broker or bank for Globales. The agent will run KYC and anti money laundering checks under UIF rules (see the guide's compliance pages).
For primary auctions, watch the Secretaría de Finanzas calendar and notices on argentina.gob.ar. Place a non competitive order (up to VNO US$ 50,000 for dollar bonds) or a competitive one with price or rate, through your agent, before 15:00 on auction day (T). Settlement is usually T+2 (auction notices).
Fund in the right currency. Dollar BONARs and BONTE 2030 auctions accepted only dollars; peso instruments settle in pesos. Check whether your dollars come from the official FX market, from MEP, or from abroad, because the FX rules (cross restrictions, holding periods) differ: see Exchange controls and MEP and CCL.
Diary the cash flows. Globales and Bonares pay on 9 January and 9 July; the AN29 pays on 30 May and 30 November; BONTE 2030 on 30 May and 30 November. If the date is not a business day, payment moves to the next business day without extra interest (auction notices).
Check tax status (rule 12) and get a written opinion if you are not an individual or are in a non cooperative jurisdiction.
Monitor the quarterly debt report, the IMF review calendar, BCRA reserves (API series 1) and the budget law's foreign law issuance cap under Law 27.612 art. 1.

Cost to do it. Broker and custody fees are set by each agent and are not in any official source (unconfirmed). Minimum ticket in competitive auctions is VNO US$ 1,000 or VNO ARS 1,000,000; settlement takes two business days; no regulatory filing is needed for a purchase by itself. For non residents the time to open a local account and register as a foreign investor is the main delay (unconfirmed).

B. If you sign a contract exposed to the sovereign (supplier, concessionaire, lender)

Identify the payer: Treasury, a ministry, a state company, the BCRA or a province. Each has a different budget and debt regime; provincial debt is outside this page.
Ask for the legal authority for the payment obligation (budget line, law or decree) and whether it is under emergency legislation. Law 27.556 and DNU 346/2020 show how quickly payments can be deferred by decree or law.
Check governing law and jurisdiction, waiver of immunity and the assets excluded from execution (Law 27.544 art. 3; Decree 1735/2004 art. 3). Remember that paying a foreign judgment requires budget approval under Law 11.672 (Decree 676/2020, Annex I).
Model FX access: even if the sovereign pays you in pesos, your ability to convert and remit depends on the BCRA rules (Exchange controls).
Price the sovereign ceiling (see the investor section below) and consider political risk insurance or multilateral guarantees.

C. If you need official data

Debt: Secretaría de Finanzas, "Deuda pública" section, quarterly report and workbook (sheets A.1.1 to A.4.7).
Financing plan: "Programa Financiero" presentation (July 2026).
IMF: Ministry of Economy releases (argentina.gob.ar search) and the IMF's own country page (not downloaded) (unconfirmed).
Reserves and FX: BCRA API (series 1 gross reserves; series 5 wholesale FX).

Costs and timelines

Table 1. Debt of the central administration at 30 June 2026

Item	US$ million	ARS (Ministry rate)	Source
Gross debt	474,198	ARS 703.24 trillion	Sheet A.1.1, item II
of which debt in normal payment	471,690		A.1.1, item III
of which in deferred payment (not eligible for 2005 and 2010)	105		A.1.1, item IV
of which eligible debt pending restructuring	2,403		A.1.1, item V
GDP linked securities, remaining maximum	12,892		A.1.1, item VI
Financial assets	1,419		A.1.1, item VII
Net debt	472,779		A.1.1, item VIII
Bonds (long term), local currency	176,846		A.1.1
Bonds (long term), foreign currency	140,907		A.1.1
Treasury bills, short term	43,469		A.1.1
IMF	57,705	ARS 85.58 trillion	A.1.1
IDB	18,806		A.1.1
World Bank (IBRD)	12,723		A.1.1
CAF	5,224		A.1.1
Official bilateral lenders (includes Paris Club)	2,822		A.1.1
BCRA transitory advances	2,759		A.1.1

The ARS column uses the Com. A 3500 rate of 30 June 2026 implied by the Ministry's own figures (ARS 1,483.02 per US$). At the 23 Oct 2026 dólar MEP rate, gross debt would be about ARS 741.6 trillion.

Table 2. Who holds it, currency and law (30 June 2026)

Breakdown	Share	Source
Public sector agencies	41.6% (US$ 197,213 million)	Q2 2026 report, ch. 3
Private sector	37.5% (US$ 177,738 million)	same
of which eligible debt pending restructuring (included in the private sector line)	0.5% (US$ 2,403 million)	same
Multilateral and bilateral	20.9% (US$ 99,247 million)	same
Foreign currency debt, % of GDP	33.9% (end period FX)	Q2 2026 report, ch. 4
Debt in dollars / SDR / euros (excluding pending debt)	38.7% / 12.2% / 1.2%	Q2 2026 report, ch. 6
CER adjusted pesos / plain pesos / dollar linked pesos	26.8% / 18.9% / 2.0%	same
Fixed / variable / zero rate	41.0% / 32.5% / 26.6%	same
Foreign law, total gross debt	34.3%	Q2 2026 report, ch. 5
Foreign law, private holders	33.6%	same
Foreign law, public sector holders	1.2%	same
Average life of debt in normal payment	4.57 years	Sheet A.1.6
Weighted average rate, all debt	8.4%	Sheet A.1.5
Weighted average rate, dollar debt / non CER peso debt	3.3% / 33.3%	Sheet A.1.5

Table 3. Maturity profile (principal plus interest, debt in normal payment, US$ million at 30 June 2026 rates)

Year	Bonds	Treasury bills	International organisations	Other loans and advances	Total	of which principal
Jul to Dec 2026	36,282	42,681	4,818	2,368	86,150	80,717
2027	82,659	2,015	11,739	4,153	100,567	90,128
2028	65,500	0	13,781	1,216	80,497	70,496
2029	23,507	0	14,776	902	39,185	30,050
2030	16,973	0	15,473	763	33,209	25,103
2031	16,404	0	14,919	1,228	32,551	25,719
2032 to 2035	87,718	0	32,675	1,540	121,933	106,463
2036 to 2089	29,868	0	20,787	1,393	52,048	43,013

Source: sheet A.3.6 (rows "Otros" combine guaranteed loans, official bilateral, commercial banks, guarantees, Treasury notes, Letras en Garantía and BCRA advances; computed by difference). The profile assumes exchange rates, CER and rates at 30 June 2026 and excludes GDP warrant payments. A large part of the 2026 and 2027 amounts is peso paper and intra public sector debt that is normally rolled over (sheet A.3.6, note 2 excludes some intra public sector items from the chart). External debt alone (residency basis) needs US$ 4,487 million of principal in July to December 2026, US$ 12,125 million in 2027 and US$ 15,527 million in 2028 (sheet A.4.6).

Table 4. The Treasury's dollar financing program (US$ billion)

Item	2026	2027
Principal due: IMF / Bonares / Globales / other IFIs	1.1 / 2.4 / 3.0 / 2.7	4.4 / 4.9 / 3.6 / 2.8
Interest due: IMF / Bonares / Globales / other IFIs	3.1 / 1.8 / 2.1 / 2.0	3.1 / 1.9 / 2.1 / 2.1
BCRA capitalisation	1.0
Total needs	19.2	24.9
Sources: dollar purchases from BCRA	6.7	4.9
Intra public sector rollover	0.8	1.8
Loans guaranteed by international organisations	4.0	0
IMF disbursement	1.9	1.7
Other IFIs	2.8	4.2
Local issues	6.0 (includes US$ 4 billion already issued as AO27 and AO28)	5.0
International issues	0	0
Other financing / privatisations	0.0 / 0.8	2.0 / 1.5
Carry over from 2026		3.7
Sources minus needs	3.7	0.0

Source: Secretaría de Finanzas, "Programa Financiero Argentino", July 2026, slides 4 and 5 (presented 6 July 2026). These are the government's plans, not audited results.

Table 5. The 2020 dollar bonds still outstanding (30 June 2026, US$ million)

Bond (law)	Market ticker (unconfirmed)	Original face	Residual face	Coupon now	Final maturity	Amortisation
Global 1% 2029 (NY)	GD29	2,621	1,834	1.00%	9 Jul 2029	10 semi annual from Jan 2025
Global step up 2030 (NY)	GD30	13,587	9,783	0.75% (1.75% from 9 Jul 2027)	9 Jul 2030	4% Jul 2024, then 8% each half year
Global step up 2035 (NY)	GD35	20,436	20,436	4.125% (4.75% from Jul 2027, 5% from Jul 2028)	9 Jul 2035	10 semi annual from Jan 2031
Global step up 2038 (NY)	GD38	11,385	11,385	5.00%	9 Jan 2038	22 semi annual from Jul 2027
Global step up 2041 (NY)	GD41	10,482	10,482	3.50% (4.875% from Jul 2029)	9 Jul 2041	28 semi annual from Jan 2028
Global step up 2046 (NY)	GD46	2,092	1,949	about 4.1% (Ministry table, rounded)	9 Jul 2046	per Decree 676/2020 Annex II (unconfirmed)
Bonar 1% 2029 (AR)	AL29	1,394	976	1.00%	9 Jul 2029	as GD29
Bonar step up 2030 (AR)	AL30	13,092	9,426	0.75%	9 Jul 2030	as GD30
Bonar step up 2035 (AR)	AL35	20,244	20,244	4.125%	9 Jul 2035	as GD35
Bonar step up 2038 (AR)	AE38	12,325	12,325	5.00%	9 Jan 2038	as GD38
Bonar step up 2041 (AR)	AL41	1,542	1,542	3.50%	9 Jul 2041	as GD41

Sources: sheet A.1.9 for amounts and current rates; Decree 676/2020 Annex II as rectified by Decree 701/2020 (Globales) and Annex IV (Bonares) for coupons and amortisation. Euro Globales (2029, 2030, 2035, 2038, 2041 and 2046) total about US$ 4,357 million of residual face (sheet A.1.9). The Ministry lists the 2030 to 2041 coupons as "0.007, 0.041, 0.05, 0.035" rounded to three decimals. Coupons and amortisations depend on the payment dates in force, so check the issue terms before relying on this table.

Table 6. Reserves, country risk and ratings

Date	Indicator	Value	Source
9 Apr 2019	Gross reserves, series high	US$ 77,481 million	BCRA API series 1
7 Dec 2023	Gross reserves	US$ 21,209 million	BCRA API series 1
7 Dec 2023	Net reserves	minus US$ 11,200 million	DNU 179/2025, recitals
15 Apr 2025	Gross reserves	US$ 36,777 million	BCRA API series 1
30 Dec 2025	Gross reserves	US$ 41,095 million	BCRA API series 1
30 Jun 2026	Gross reserves	US$ 44,870 million	BCRA API series 1
end Jul 2026	Country risk (EMBI spread)	434 bp (from 556 bp three months earlier)	IPOM June 2026, para. 24
end Jul 2026	Average spread of B minus sovereigns	322 bp	same, footnote 4
May 2026	Fitch	CCC+ to B minus	same
about June 2026	S&P	CCC to B minus	same
mid Jul 2026	Moody's	Caa1 to B3	same
21 Oct 2026	Gross reserves	US$ 50,228 million	BCRA API series 1
22 Oct 2026	Country risk	"recent rise", no figure	Ministry of Economy release

Table 7. Timeline of norms with Official Gazette (BO) dates

Norm	BO date	Subject	Articles used
Decree Law 15.970/1956 (ratified by Law 14.467)	31 Aug 1956 (date of decree)	IMF membership	As recited in DNU 179/2025
Decree 256/2002	8 Feb 2002	Debt restructuring authority after 2001	1, 2
Decree 1735/2004	10 Dec 2004	2005 exchange	1, 2, 6
Law 26.017	11 Feb 2005	Lock law	2, 3
Decree 1599/2005 (Law 26.076)	(unconfirmed)	Reserves to pay IFIs	As recited
Law 26.547	10 Dec 2009	Lock law suspended, 2010 reopening	1, 3
Decree 563/2010	29 Apr 2010	2010 exchange	1, 2
Law 26.984	12 Sep 2014	Sovereign payment law after pari passu orders	1 to 3
Law 27.249	1 Apr 2016	Holdout settlement, lock laws repealed	1, 2, 5, 6, 7, 9
DNU 596/2019	29 Aug 2019	Reprofiling of short term debt	1 to 3
Law 27.544	12 Feb 2020	Foreign law debt restructuring authority	1, 3, 4
Decree 250/2020	10 Mar 2020	Perimeter US$ 68,842.5 million	1
DNU 346/2020	6 Apr 2020	Deferral of local law dollar bonds	1
Decree 391/2020	22 Apr 2020	Foreign exchange offer	1
Law 27.556	8 Aug 2020	Local law dollar bond exchange	1 to 7, Annexes
Decree 676/2020	16 Aug 2020	Amendment No. 2; new bond terms; Law 27.556 annexes adapted	1 to 4
Resolution 381/2020 (Ministry of Economy)	18 Aug 2020	Local exchange procedure	Title only (Infoleg list)
Decree 701/2020	28 Aug 2020	Rectifies Decree 676/2020	Annex
Law 27.612	3 Mar 2021	IMF programs need a law	1 to 3
Law 27.668	18 Mar 2022	2022 EFF approved	1
Decree 331/2022	16 Jun 2022	Local deferral extended to 31 Dec 2022	10
DNU 179/2025	11 Mar 2025	2025 EFF operations approved by decree	1, 2 (as recited)
Resolution 741-D/2025 (Chamber of Deputies)	25 Mar 2025	DNU 179/2025 declared valid	1
Decree 268/2025	14 Apr 2025	Ministry authorised to sign 2025 EFF instruments	1, 2
Joint Resolution 21/2025 (SF and SH)	7 May 2025	Buyback of US$ 12,000 million Letras Intransferibles	Recitals, 1
Joint Resolution 30/2026 (SF and SH)	1 Jun 2026	Buyback of US$ 1,040.4 million Letras Intransferibles	Recitals, 1

Worked examples

Example 1. What a holder of US$ 10,000 of old 2026 Globales received in the 2020 swap, and since

Inputs from Decree 676/2020 Annex I (exchange ratios) and Annex II as rectified by Decree 701/2020 (coupons, amortisation, dates). Assumes the holder tendered, elected the 2030 bond and was not prorated by the acceptance priority procedures. Dollar amounts are what the bond paid; the ARS figures convert at the 23 Oct 2026 dólar MEP rate for illustration only.

Step 1. The swap (4 September 2020). * Old principal: US$ 10,000 of USD 2026 Bonds. * New 2030 Global (GD30): 97% × 10,000 = US$ 9,700 face. * New 1% 2029 Global (GD29) for accrued and consent interest: 6.50% × 10,000 = US$ 650 face. * Total new face: US$ 10,350, but most of it pays tiny coupons for years and amortises late.

Step 2. GD30 cash flows per US$ 100 face (30/360, semi annual): * 9 Jul 2021: first period 4 Sep 2020 to 9 Jul 2021 = 305 days at 0.125%: 100 × 0.125% × 305/360 = 0.1059. * 9 Jan 2022 to 9 Jul 2023 (four coupons at 0.50%): 0.25 each = 1.00. * 9 Jan 2024 and 9 Jul 2024 at 0.75%: 0.375 each = 0.75. Plus 4.00 of principal on 9 Jul 2024. * 9 Jan 2025: 96 × 0.375% = 0.36, plus 8 principal. * 9 Jul 2025: 88 × 0.375% = 0.33, plus 8. * 9 Jan 2026: 80 × 0.375% = 0.30, plus 8. * Total to 9 January 2026: interest 2.8459 + principal 28 = 30.8459 per 100. The Ministry's table confirms a residual of 72% at 30 June 2026 (9,782,950 / 13,587,431 = 0.72, sheet A.1.9). * 9 Jul 2026 (scheduled): 72 × 0.375% = 0.27 plus 8 principal = 8.27 (unconfirmed).

Step 3. GD29 cash flows per US$ 6.50 face (1%, ten equal amortisations from 9 Jan 2025): first coupon 6.50 × 1% × 305/360 = 0.0551; then 0.0325 each half year to January 2025; 0.65 of principal from January 2025. Total to 9 January 2026: interest 0.3378 + principal 1.95 = 2.2878. Residual 70% at 30 June 2026, again matching sheet A.1.9 (1,834 / 2,621 = 0.70).

Step 4. Totals for the US$ 10,000 holder.

Period	GD30 (US$ 9,700 face)	GD29 (US$ 650 face)	Total US$	ARS at MEP (unconfirmed)
Received to 9 Jan 2026	2,992.05	228.78	3,220.83	ARS 5,037,062.76
Scheduled 9 Jul 2026	802.19	67.28	869.47	ARS 1,359,756.31
Received to 9 Jul 2026	3,794.24	296.06	4,090.30	ARS 6,396,819.08
Still to come (Jan 2027 to Jul 2030)	6,394.24	396.82	6,791.06	ARS 10,620,538.73
Lifetime total, if paid as scheduled	10,188.48	692.88	10,881.36	ARS 17,017,357.81

Step 5. Reading it. In nominal dollars the holder will collect about US$ 10,881 over ten years, against US$ 10,000 of old principal. The loss is in timing and coupons: the old bond's own coupons and its 2026 bullet maturity are gone (unconfirmed). Market prices and any present value haircut are not in official sources (unconfirmed). A holder who chose the Bonar 2030 (AL30) under Argentine law has the same schedule (Decree 676/2020 Annex IV), but different legal protection: Argentine law and courts, and exposure to local deferral by law, as happened in 2020.

Example 2. Argentina's IMF programs since 1958: what the official record lets us state

some secondary summaries asks for a table of IMF programs since 1958 with amounts. The IMF's own lending history was not downloaded (non Argentine domain). The table below uses only Argentine official sources; earlier rows are left for the editor.

Period	Program	Amount approved	IMF disbursements recorded (US$ million)	Source
1956	Membership (no program)	n/a	n/a	Decree Law 15.970/1956 (DNU 179/2025)
1958 to 1991	Series of Stand By arrangements, starting 1958 per some secondary summaries	(unconfirmed)	not in sources	none
1992 to 1997	Program(s) of the 1990s (unconfirmed)	(unconfirmed)	1993: 1,597; 1994: 874; 1995: 2,405; 1996: 824; 1997: 442 (total 6,142)	Sheet A.4.4
2000 to 2001	Stand By and augmentations (unconfirmed)	(unconfirmed)	2000: 2,067; 2001: 10,564	Sheet A.4.4
2003 to 2004	Stand By (unconfirmed)	(unconfirmed)	2003: 5,605; 2004: 3,451	Sheet A.4.4
2006	Early repayment, no program	n/a	Principal repaid 2003 to 2006: 24,318 (2006 alone 9,530)	Sheet A.4.4
2018 to 2019	36 month Stand By, approved 20 Jun 2018, augmented 2018	(unconfirmed); low cost tranche up to 187.5% of quota, about US$ 8,480 million	2018: 28,252; 2019: 16,225 (total 44,477)	Release 7 Jun 2018; DNU 179/2025; sheet A.4.4
2022 to 2024	EFF, Law 27.668, 30 months	Refinanced about US$ 45,000 million (unconfirmed)	2022: 23,503; 2023: 12,680; 2024: 5,445 (total 41,628)	Release 3 Mar 2022; sheet A.4.4
2025 to 2029	EFF, DNU 179/2025, 48 months	US$ 20,000 million	2025: 14,482; Jan to Jun 2026: 1,044	Release 11 Apr 2025; sheet A.4.4

Arithmetic of the 2018 to 2026 cycle (sheet A.4.4): * Disbursed 2018 to 2026 H1: 44,477 + 41,628 + 14,482 + 1,044 = US$ 101,631 million. * Principal repaid 2021 to 2024: 3,737 + 16,644 + 17,780 + 4,519 = US$ 42,681 million, essentially the 2018 Stand By being refinanced with 2022 EFF money. * Interest and charges paid 2018 to 2026 H1: US$ 16,167 million. * Stock owed at 30 June 2026: US$ 57,705 million (sheet A.1.1), or ARS 85.58 trillion at the Ministry's rate; at the 23 Oct 2026 dólar MEP rate about ARS 90.25 trillion. * Coming due under the Treasury's own plan: IMF principal of US$ 1.1 billion in 2026 and US$ 4.4 billion in 2027, plus US$ 3.1 billion of interest each year (Table 4). In pesos at MEP, 2027 IMF principal plus interest of US$ 7.5 billion is about ARS 11.7 trillion.

Example 3. A local SME buys the 6.5% 2029 BONAR at the December 2025 auction

Inputs: auction result of 10 December 2025 (cut price USD 910 per 1,000, yield 9.26%) and auction notice of 5 December 2025 (6.5% coupon, 30/360, interest on 30 May and 30 November, first irregular coupon 30 May 2026, bullet maturity 30 November 2029, issue date 12 December 2025, Argentine law). The SME already holds dollars in a local account. Hypothetical order: VNO US$ 10,000 in the competitive tranche. The award may be prorated: the auction applied a factor of about 40.95% to bids at the cut price, so the SME might receive less.

Step 1. Cost. 10,000 × 910 / 1,000 = US$ 9,100, about ARS 14,231,490 at the commonly cited MEP. Agent fees not included (unconfirmed).

Step 2. Coupons. * First irregular coupon (30 May 2026): accrual period 12 Dec 2025 to 30 May 2026 = 168 days on 30/360. 10,000 × 6.5% × 168/360 = US$ 303.33 (ARS 474,377.79 at MEP) (unconfirmed). * Seven regular coupons from 30 Nov 2026 to 30 Nov 2029: 10,000 × 6.5% / 2 = US$ 325 each, US$ 2,275 in total (ARS 508,267.50 each at MEP). * Principal on 30 Nov 2029: US$ 10,000 (ARS 15,639,000 at MEP).

Step 3. Total cash and gain. 303.33 + 2,275 + 10,000 = US$ 12,578.33; gain over cost US$ 3,478.33 (ARS 5,439,760.29 at MEP) if Argentina pays as scheduled. The Ministry's 9.26% figure is the yield on a semi annual basis at the cut price (result of 10 December 2025).

Step 4. Compare. The same Treasury paid 8.29% (TIREA) on the 6% October 2029 bond in July 2026 (result of 16 July 2026), about one percentage point less than in December 2025, showing how the market priced the sovereign better after the 2026 rating upgrades (Table 6). A peso alternative such as the BONTE 2030 yielded 28.46% in pesos in June 2025 (result of 13 June 2025); comparing the two requires an assumption about the peso's path, which no official source provides.

Step 5. Risk check. This bond is under Argentine law and pays through the CRyL. In 2019 and 2020, local law dollar debt was reprofiled by decree (DNU 596/2019) and deferred by decree (DNU 346/2020) before any foreign law bond was restructured. The yield premium over a foreign law bond of similar maturity is the market's price for that difference (unconfirmed).

Practical traps

Gross is not net. Gross debt (US$ 474,198 million) includes US$ 197,213 million owed to other public bodies. Analysts often quote debt "with private creditors and multilaterals" (about 38% of GDP per IPOM June 2026) instead. Always say which measure you use.
Two different GDP ratios. The Ministry gives 71.4% of GDP at end period FX and a lower ratio using average FX (67.3% in the creditor table). Quote the basis.
Payment dates moved in 2020. Law 27.556 on Infoleg still shows 4 March and 4 September dates; the bonds actually pay on 9 January and 9 July (Decree 676/2020 Annexes II and IV).
Market tickers are not legal names. GD30, AL30 and similar codes are exchange tickers; legal documents use the long names in Decree 676/2020. Match ISIN or the Ministry's denomination before you sign a pledge or a swap.
"Repaid" includes refinancing. The 2021 to 2024 IMF repayments were mostly financed with IMF money under the 2022 EFF (sheet A.4.4).
Gross reserves overstate liquidity. They include IMF money, BCRA repos and possibly swap lines (rule 10). Net reserves under the IMF definition are not published in the sources used here (unconfirmed).
The IMF program's legality is contested domestically. DNU 179/2025 is valid until both chambers reject it; Law 27.612 art. 2 asks for a law. A future Congress or court could revisit it (unconfirmed).
Dollar subscription rules change. BONTE 2030 and dollar BONARs accepted only dollars; other auctions take pesos. Check each notice; mixing MEP dollars and official FX dollars can trigger FX cross restrictions (Exchange controls).
Pro rata awards. Popular auctions applied pro rata factors (24.8% for BONTE 2030 in June 2025, 40.95% for AN29, 54.43% for AO29 in July 2026). Do not assume you will get the full amount you bid.
Holdout residue. US$ 2,403 million of 2005 and 2010 eligible debt is still pending; some old euro and yen Par and Discount bonds were excluded from 2020 and still trade (sheet A.1.9). Buying them means buying litigation or legacy terms.
GDP warrants are contingent. A remaining maximum of US$ 12,892 million is not a debt that will necessarily be paid (sheet A.4.1, note 1).
DNU 179/2025 limits the use of IMF money. It may only cancel BCRA held Treasury notes and 2022 EFF maturities; plans that assume IMF dollars fund spending or imports are wrong.

Recent changes

10 to 11 March 2025. DNU 179/2025 approves the 2025 EFF credit operations; Chamber of Deputies declares it valid on 19 March (BO 25 March 2025).
11 April 2025. US$ 20,000 million, 48 month EFF announced; Decree 268/2025 authorises signature (BO 14 April 2025). Gross reserves rise to US$ 36,777 million by 15 April (BCRA API).
7 May 2025. Joint Resolution 21/2025: US$ 12,000 million of Letras Intransferibles bought back with IMF funds.
26 May to 13 June 2025. BONTE 2030, a peso bond subscribed in dollars by international investors; reopened on 13 June (US$ 500 million).
9 to 11 June 2025. BCRA measures: dollar subscription of Treasury bonds over one year (up to US$ 1,000 million a month), end of minimum holding periods for some non resident inflows, second repo of up to US$ 2,000 million, BOPREAL Series 4.
4 September 2025. End of the five year rights upon future offers window in the 2020 bonds (Decree 676/2020 Annex I).
20 October 2025. BCRA and United States Treasury sign a currency swap of up to US$ 20,000 million.
10 December 2025. First dollar BONAR for cash: US$ 1,000 million of 6.5% 2029 at a 9.26% yield.
February and March 2026. 6% BONARs due October 2027 and October 2028, US$ 2,000 million each (sheet A.1.9).
May 2026. Fitch upgrades to B minus; BCRA transfers ARS 24.4 trillion of dividends; Letras Intransferibles cancelled for about US$ 22,284 million with an IMF disbursement of about US$ 1,043 million (release of 14 May 2026; Joint Resolution 30/2026, BO 1 June 2026; IPOM).
June and July 2026. S&P to B minus; Moody's to B3; about US$ 3 billion of loans guaranteed by international organisations received in early July (IPOM June 2026, paragraph 24); 2026 to 2027 financing program presented on 6 July; AO29 sold in July.
27 July 2026. IMF Managing Director visits the Ministry and says reserve accumulation exceeded the program target (release of 27 July 2026).
15 September 2026. 2027 budget presented with a fourth consecutive financial surplus (release of 15 September 2026).
14 October 2026. Third review of the 2025 EFF still being finalised (release of 14 October 2026).
22 October 2026. Secretary of Finance: country risk has risen with global conditions; the 2026 and 2027 program is "completamente cerrado" without international market access (release of 22 October 2026).

Pending changes

Third review of the 2025 EFF and its disbursement; any change to reserve targets (unconfirmed).
2027 budget law: the Law 27.612 art. 1 cap on foreign law, foreign currency bond issues and any authorisation for new international bonds (unconfirmed).
IMF repayments: 2022 EFF principal began in 2026 (release of 3 March 2022); the Treasury plans US$ 4.4 billion of IMF principal in 2027 (Table 4).
Amortisation wall of the 2020 bonds: GD30 and AL30 keep amortising 8% each half year to July 2030; the 2038 bonds began amortising in July 2027 and the 2041 bonds in January 2028 (Decree 676/2020 Annex II), and coupons step up in July 2027 and July 2028. Check Table 3 for the resulting peak in 2027 and 2028.
Return to international markets: not in the official 2026 or 2027 plan (Table 4) (unconfirmed).
Remaining holdouts and GDP warrant litigation (unconfirmed).
Senate and court treatment of DNU 179/2025 (unconfirmed).
Privatisation proceeds of US$ 0.8 billion (2026) and US$ 1.5 billion (2027) are assumed in the plan (Table 4); delays would increase other financing needs.

FAQ

1. How much does Argentina owe? US$ 474,198 million of gross central administration debt at 30 June 2026, 71.4% of GDP at end period exchange rates (Secretaría de Finanzas). Netting out debt held by other public bodies leaves roughly US$ 277 billion with private, multilateral and bilateral creditors (Table 2).

2. Is Argentina in default today? No default on performing debt is reported. The Ministry still shows US$ 2,403 million of 2005 and 2010 eligible debt that was never restructured and US$ 105 million of other debt in deferred payment (sheet A.1.1). Those legacy arrears do not mean the current bonds are in default.

3. How many times has Argentina defaulted? The common count is nine (1827, 1890, 1951, 1956, 1982, 1989, 2001, 2014, 2020), but it is a convention. The Republic's own 2020 prospectus mentions defaults in the 1980s and in 2002 and the missed payments of 2020; the 2014 episode is disputed because Argentina paid and a New York court blocked the funds (Law 26.984 art. 2) (unconfirmed).

4. What is the difference between a Global and a Bonar? Globales (GD) are governed by New York law under the 2016 indenture and settle through international clearing systems; Bonares (AL, AE) are governed by Argentine law and settle at the BCRA's CRyL (Decree 676/2020, Annexes II and IV). Cash flows of matching series are the same. Legal protection differs, and in 2020 the local law bonds were deferred by decree before the restructuring (DNU 346/2020).

5. Can a foreign investor buy Treasury bonds in the primary auctions? Yes, through CNV registered agents, and in May 2025 the Treasury held an auction specifically for international investors (BONTE 2030, subscribed in dollars). Since June 2025 some non resident inflows no longer face minimum holding periods (BCRA, 9 June 2025). Check the FX rules for repatriation before you invest.

6. Did Congress approve the 2025 IMF program? Not by a specific law. It was approved by DNU 179/2025, which the Chamber of Deputies declared valid (Resolution 741-D/2025). Law 27.612 art. 2 requires a law of Congress for IMF programs, so the point is contested (unconfirmed).

7. What can the 2025 IMF money be used for? Only to cancel Treasury non transferable notes held by the BCRA and 2022 EFF maturities due within four years (DNU 179/2025 art. 1, as recited in Decree 268/2025). In practice US$ 12,000 million went to buy back BCRA held notes in May 2025 (Joint Resolution 21/2025).

8. What are the reserve targets in the IMF program? For the 2022 program, the June 2024 net reserve target was raised to US$ 10.9 billion and the December 2024 target stayed at US$ 9.7 billion (release of 13 June 2024). For the 2025 program, no target figures appear in the Argentine official texts downloaded; the IMF Managing Director said in July 2026 that the target had been exceeded (unconfirmed).

9. What is country risk now? The BCRA reported 434 basis points at the end of July 2026 (IPOM June 2026). On 22 October 2026 the Secretary of Finance acknowledged a recent rise but gave no number (unconfirmed).

10. Does Argentina plan to issue new bonds in New York? The July 2026 financing program shows no international issues in 2026 or 2027; dollar needs are covered by BCRA purchases, local BONAR issues, multilateral loans and guaranteed loans (Table 4). The government's stated aim is investment grade by the end of the term.

11. What happened to the pari passu dispute? New York orders of 2012 and 2015 required Argentina to pay holdouts ratably with restructured bondholders (Law 27.249 art. 6(b)). Law 27.249 (2016) authorised settlements, including 70% of the legal claim for holders under those orders, and repealed the lock laws. New bonds must include CACs and a market standard pari passu clause (Law 27.249 art. 9 as summarised in the economy history page).

12. Are sovereign bond coupons taxed? For foreign beneficiaries not in non cooperative jurisdictions, interest and gains on Argentine public securities are exempt (Income Tax Law art. 26 inc. u). Resident individuals and companies need a specific analysis (unconfirmed).

13. Why does the sovereign matter if I only invest in a private company? Because the state controls FX access and sets the risk free rate. A company rarely borrows abroad more cheaply than the sovereign, and FX rules can block dividends or debt payments when reserves are short (Exchange controls).

Published 27 Oct 2026 from our research draft. Points marked (unconfirmed) have not yet been checked line by line against the official text; rely on the primary sources linked below before acting, and expect this page to change as we verify it.