Argentina Holds Back Billions in ATN as December Payouts Surge and New Law Stalls

Overview

• Undistributed Aportes del Tesoro Nacional under the Milei administration total about $1.84 trillion pesos, equivalent to 5.2% of the national nonfinancial public sector’s accumulated primary surplus.
• In 2025 the ATN fund reached roughly $948.0 billion pesos but only $207.5 billion were executed, leaving about $740.5 billion undistributed.
• The government disbursed about $76.0 billion pesos in December 2025, executing 86.4% of that month’s ATN resources and directing the money to seven provinces including Tucumán, Misiones and Chaco.
• Congress approved a reform to make ATN distribution automatic after overriding President Milei’s veto, yet the Casa Rosada has not put the new scheme into effect.
• Distribution in 2025 was highly uneven, with nine jurisdictions receiving no ATN at all while a handful of provinces concentrated the transfers.