November 16, 2017 / 5:30 PM / a month ago

Argentina to deliver 80 bln peso bond to provinces as part of fiscal pact

BUENOS AIRES, Nov 16 (Reuters) - Argentina will deliver a bond totaling 80 billion pesos ($4.57 billion) at 6 percent interest maturing in 10 years to most of its provinces, after reaching a deal to lower provinces’ fiscal deficits, Treasury Minister Nicolas Dujovne said on Thursday.

As part of the deal, nearly all of the 24 provinces agreed not to hike spending above the inflation rate and lower some taxes. To receive the bond, the provinces agreed to drop pending litigation against the national government for underpayment of fiscal resources owed under Argentina’s co-participation scheme. ($1 = 17.4875 Argentine pesos) (Reporting by Maximiliano Rizzi, Eliana Raszewski and Luc Cohen)

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