Key Benefits:
Bs. As., 12/12/96
VISTO Issue No. 001-004885/96 of the Register of MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, Decree No. 1588 of 26 July 1993, Decree No. 91 of 30 January 1996 and
CONSIDERING:
That by Decree No. 1588 of 26 July 1993, the Minister of Economics and Public Works and Services was empowered to subscribe EX on behalf of and representation of the REPUBLIC ARGENTINA un a PROGRAMME OF EXTERNAL LETRAS TO MEDIUM PLAZO for a nominal value of up to DOLARES STATEUNIDENSES A MIL MILLONES (V.N. U$ 1,000,000), which could be used in the next fiscal year
That Decree No. 91 of 30 January 1996 amended the total amount of the Programme to a NOMINAL VALUE STADOUNIDENSES OCHO MIL MILLONES (V.N. U$S 8,000.000.000).
That placements have been carried out within the framework of this Programme that total an amount equivalent to VALUE NOMINAL DOLARES ESTADOUNIDENSES SIETE MIL DOSCIENTS CINCUENTA MILLONES (V.N. U$S 7.250.000.000).
It is necessary to modify the amount of the Program to enter into obligations in the present fiscal year and the following in the amount of NOMINAL VALUE DOLARES STADOUNIDENSES TRES MIL MILLONES (V.N. U$S 3,000.000.000).
That the operations of public credit that are carried out through the "Programme of External Letters to Median Term" shall be framed by the authorizations conferred by Article 6 of Law No. 24,624 as amended by Article 7 and 8 of Law No. 24,698, or by law corresponding to the fiscal year in force at the time of its conclusion.
That the amendments introduced by article 19 of Act No. 24,624 make it necessary to update Decree No. 1588/93 in article 4 thereof.
That this measure is determined by the provisions of articles 6 and 41 of Act No. 24,624 and by article 99, paragraphs 1 and 10, of the NATIONAL CONSTITUTION.
Therefore,
THE PRESIDENT OF THE ARGENTINA NATION
RIGHT:
Article 1 el Replace article 1 of the Decree No. 1588 of 26 July 1993 reads as follows:ARTICLE 1 de Add to the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES through the SECRETARIAN OF HACIENDA, to subscribe deon name and representation of the REPUBLIC ARGENTINA un a Program of External Letters to Median Period for an amount of up to VALUE NOMINAL DOES Such obligations shall be entered into within the limits established by the existing budget laws at the time of their conclusion.
Art. 2o Article 4 of the Decree No. 1588 of 26 July 1993, which shall read as follows:ARTICLE 4o s Authorize for each of the instruments related to the Program the inclusion of clauses that establish the extension of jurisdiction in favor of the state and federal courts with seat in the city of Nuava York, USA of AMERICA, and courts located in the city of London, UNITED KINGDOM OF GREAT BRITAIN AND IRELAND THE NORTE and the waiver of opposing the defense of sovereign immunity must be preserved inembargobility with respect to:
(a) Assets that constitute reserves of free availability, within the framework of the Law on Convertibility, the amount, composition and investment of which is reflected in the General Balance and Accounting Status of the ARGENTINA REPUBLIC BANCO, prepared in accordance with Article 5 of Law No. 23.928.
(b) The assets of the National State affected to an essential public service.
(c) The funds, values and other means of financing affected to the budget execution of the Public Sector, whether it is cash, deposits in bank accounts, titles, securities issued, third-party obligations in portfolio and in general any other means of payment that is used to meet the erogations provided for in the General Budget of the Nation.
Art. 3o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Jorge A. Rodriguez. . Roque B. Fernández.