BUENOS AIRES (Reuters) – Argentina will buy back over $1 billion worth of foreign bonds to improve the South American country’s debt profile and allow the indebted country to access capital markets, Economy Minister Sergio Massa said on Wednesday.
The move will focus on government bonds maturing in 2029 and 2030, the minister added, with the program set to start immediately, he said, as the country seeks to capitalize on a “window of opportunity” after its risk index fell.
The unusual move, which Massa said could help improve the country’s access to capital markets, comes as Argentina struggles to replenish foreign exchange reserves, curb rampant inflation and prop up a flagging local peso currency.
In recent years, Argentina has restructured over $100 billion in debt to private creditors and the International Monetary Fund (IMF), with whom it struck a $44 billion deal last year, to push back repayments.
(Reporting by Walter Bianchi and writing by Adam Jourdan; editing by Chizu Nomiyama)
Comments are closed.