09/07/2026 22:40 - Economia
While the country commemorated its 210th Anniversary of the Declaration of Independence, international markets sent a strong signal of confidence toward Argentina. According to Ámbito, the country risk marked a new drop on July 9, 2026, settling at 404 basis points, brushing against the psychological barrier of 400 and reaching its lowest level since 2018.
The country risk is a key indicator that measures the probability of a nation defaulting on its sovereign debt. The lower the indicator, the greater the trust from foreign investors. Reaching 404 basis points represents a historic milestone, bringing Argentina closer to the levels of countries considered safest for investment.
This decrease occurred in the context of a USD 2.5 billion payment to private bondholders under foreign law, a commitment the government fulfilled rigorously. Although the market had already priced in this operation, its confirmation generated a positive impact on local asset prices. Following this disbursement, the reserves of the Central Bank of the Argentine Republic (BCRA) stood at USD 48.722 million, a robust level that continues to back exchange rate stability.
Furthermore, the International Monetary Fund (IMF) praised the Argentine government's financial program and supported the reform of the BCRA's Charter, highlighting transparency and the reduction of fiscal dominance (when government financing needs dictate monetary policy). This provided a blanket of tranquility to global investors.
Investors received the presentation of the financial program for 2026 and 2027 with great optimism. This tool provides certainty on how the country will meet its short and medium-term obligations.
| Year | Total Commitments (in USD) |
|---|---|
| 2026 | 19,200 million |
| 2027 | 24,900 million |
| Total financing to secure | 47,800 million |
To meet these obligations, the government envisions five funding sources. Currency purchases from the BCRA and debt issuances in the local market would provide the largest portion, around USD 22,600 million. The remainder would come from new privatizations, bilateral financing, and loans guaranteed by international organizations.
Although local markets were inactive due to the Independence Day holiday, there were movements abroad. ADRs (American Depositary Receipts, which represent shares of foreign companies trading on US exchanges) of Argentine companies fell up to 4.5%, dragged down by global external tensions. Meanwhile, the S&P Merval (the main index of the Buenos Aires Stock Exchange) trimmed its weekly gains to 1%. However, the drop in country risk demonstrates that optimism regarding Argentina's macroeconomic stability outweighs the noise of the international context.
Original data source: Ámbito Financiero
Alfredo S. Quiroga
