Overview
- Consultancy Politikon Chaco estimates provincial foreign‑currency maturities at about $2.5 billion in 2026, with roughly one‑third due in the first quarter.
- Tierra del Fuego faces the first test on January 21 with nearly $6 million in interest, to be paid with oil royalties and provincial budget funds, according to Economy Minister Alejandro Barrozo.
- January payments total $107 million across Chubut, Córdoba, Neuquén and Tierra del Fuego, followed by $122.5 million in February for Córdoba, Neuquén, Entre Ríos and Chaco.
- The largest 2026 obligations are Buenos Aires Province ($784 million), Buenos Aires City ($376 million), Santa Fe ($240 million), Córdoba ($225 million), Neuquén ($179 million) and Chubut ($119 million).
- Provinces typically obtain dollars from the Central Bank or the open market, a process that can weigh on reserves or the exchange rate, while stronger credits like Córdoba, Santa Fe and Buenos Aires City tapped international markets in 2025.