A law to protect the assets of the Anses Guarantee Fund entered Congress

The initiative signed by the president Alberto Fernández ; the Chief of Cabinet, Santiago Cafiero and the Ministers of Economy, Martín Guzmán and Labor, Claudio Moroni, entered the lower house this afternoon, and should be rotated in the next hours to the Budget and Social Security committees.

This Wednesday the national government agreed with the governors of 21 provinces and with the City of Buenos Aires to suspend for 45 days the collection of debts from the loans of the Sustainability Guarantee Fund (FGS) corresponding to 2016 and whose interests have been operating since this month.

At the same time, he announced the sending of the project, which took place today, to "amend the scope" of the Historical Reparation Law promoted by the Government of Mauricio Macri.

The bill proposes "to transfer responsibility for payment to the Ministry of Economy, so that the National Treasury pays the debt with those who have n to charge month after month the historical reparation of the retirees "and thus" remove that responsibility from the Sustainability Guarantee Fund " that Anses administers.

The agreement was reached during a virtual meeting that they had held since Casa Rosada the Minister of the Interior, Eduardo 'Wado' de Pedro ; the owner of the Anses, Fernanda Raverta ; the president of the Chamber of Deputies, Sergio Massa and the head of the block of the Frente de Todos en Diputados, Máximo Kirchner with the leaders of most of the provinces, with the exception of Córdoba, Santa Fe and San Luis, which do not register debts with that organization.

The project determines that FGS assets will not be able to be sold to finance the payment of retroactive retirement provisions provided for in the Historical Repair Law approved by the Macri government, which must now be paid with Anses' own funds.

Also states that the Fund "will be invested according to adequate security and profitability criteria, contributing to the sustainable development of the real economy in order to guarantee the virtuous circle between economic growth and the increase in social security resources."

The government explained that it is necessary to modify the historical repair law to avoid the need to sell FGS rents for the payment of the National Program for Historic Repair for Retirees and Pensioners, which will now be supported with budget items and resources of the Anses.

He explained that if this criteria is not modified to comply with the payment of retroactive payments, "sell assets for more than ten billion pesos" which "would imply a substantial deterioration in the prices of said financial assets generating a significant loss in the value of the FGS, with potential derivations on financial stability, which that it would be very convenient to avoid. "

In addition, a term of ninety days is established to negotiate the loans to the provinces where the sum of the principal owed and interests accrued and payable on the date of signing the agreement will be taken into account refinancing, and that the term will be eight months.

Finally, it is established that the capital will be paid in full at maturity while interest will be paid at 1 percent per year and will be calculated on the capital, adjusted by the Coefficient of Reference Stabilization (CER) prepared by the Central Bank.


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