Argentine province's US$500mn issue moves forward
The senate of Argentina's Santa Fe province approved a bill to authorize the local government to issue up to US$500mn in bonds to finance public works as the federal government cuts spending to lower the fiscal deficit.
The bill was backed by all senators except one, and will now go to the lower house of the provincial congress, the senate said in a press release.
Senator Felipe Michlig was quoted as saying by local news outlet El Santafesino that the bill "is an important financial tool to face the effects of the federal government's adjustment and to keep advancing public works."
In order to fulfil the fiscal deficit targets set in an agreement with the IMF, the federal government is seeking to cut 300bn pesos (US$11bn) from next year's budget and is negotiating how much of that will come from the provincial governments, according to the public works ministry.
Because of the cuts to new public works, some provinces are looking at using the PPP model for projects. On May 21, Santa Fe launched a tender for the construction of the second phase of the Gran Rosario aqueduct, albeit under a different regulatory framework than the one pushed by the federal government.
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