Government authorizes up to US$5 billion in borrowing under foreign jurisdiction

The government of Argentina has authorized financing operations of up to US$5 billion with international financial institutions, allowing contracts to be placed under the jurisdiction of New York courts. The measure was formalized through Decree 478/2026, published in the Official Gazette and signed by President Javier Milei, Cabinet Chief Manuel Adorni, and Economy Minister Luis Caputo.  According to the decree, the objective is to reduce the Treasurys financing costs through U.S. dollar-denominated loans granted by internationally recognized financial institutions and backed by partial guarantees from multilateral lending organizations. The decree authorizes the Treasury Secretariat and the Finance Secretariat both under the Economy Ministry to carry out the operations required to secure the funding. The two agencies are responsible for managing the national public sectors financial administration system. Under the new framework, loan agreements may include clauses granting jurisdiction to state and federal courts in New York and waiving sovereign immunity in the event of disputes related to the loans.  However, the decree specifies that Argentina will retain immunity from enforcement actions against certain protected assets. Which assets are secured  Assets shielded from potential seizure include the Central Banks reserves and accounts, public-domain property, assets used to provide essential public services, diplomatic and consular property, tax and royalty revenues, military assets, and items considered part of the nations cultural heritage. The decree also empowers the relevant authorities to determine the financial terms of the borrowing, select participating financial institutions, hire fiscal agents and credit-rating agencies, sign the necessary agreements, and cover expenses associated with the transactions.