BUDGET

Law 27198

Approve the General Budget of the National Administration for the Financial Year 2016. Sanctioned: October 28, 2015 Enacted: November 03, 2015

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

TITLE I

GENERAL PROVISIONS

CHAPTER I

OF THE BUDGET FOR EXPENDITURE AND RESOURCES OF THE NATIONAL ADMINISTRATION

Article 1-Set in the sum of weights one billion five hundred and sixty-nine thousand four hundred twelve million ninety-one thousand nine hundred and fifty-one ($1,569,412,091,951) the total of the current and capital expenditures of the General Budget of the National administration for the financial year 2016, for the purposes indicated below, and analytically in the numbers 1, 2, 3, 4, 5, 6 and 7 annexed to this article.

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ARTICLE 2 °-Estimate in the sum of weights one billion four hundred and seventy-one thousand seven hundred and seventeen million nine hundred and nineteen thousand two hundred and eighty-one ($1,471,717,919,281) the calculation of the Corrientes and Capital Resources of the National administration in accordance with the summary indicated below and the detail in the schedule annexed to this Article.

ARTICLE 3-Set in the sum of two hundred and ninety-three thousand eighty-three million two hundred and twenty-five thousand nine hundred and fifty-four ($293.083.225.954) the amounts corresponding to the figurative expenses for transactions In the case of the national administration, funding for figurative contributions from the national administration is therefore established in the same sum, according to the detail contained in the annexe numbers 9 and 10. which are part of this Article.

ARTICLE 4 °-As a consequence of the provisions of Articles 1, 2 and 3, the deficit financial result is estimated at the sum of ninety-seven thousand six hundred and ninety-four million hundred and seventy-two thousand six hundred and seventy ($97.694,172,670). The following are the sources of financing and financial applications that are detailed in the tables numbers 11, 12, 13, 14 and 15 annexed to this article:

The amount corresponding to the figure for the national administration's financial applications, with a total of five thousand and eight thousand ($5,141,248,000), was fixed in the sum of five thousand and eight thousand pesos ($5,141,248,000). the financing of figurative contributions for financial applications of the national administration in the same sum.

ARTICLE 5-The head of the Cabinet of Ministers, by means of an administrative decision, shall distribute the appropriations of this law at least at the level of the limiting items to be established in the said decision and in the programmatic openings or equivalent categories as it considers relevant. In addition, the Chief of Staff of Ministers will be able to determine the powers to have budgetary restructurings in the framework of the competences assigned by the Law of Ministries (text ordered by decree 438/92) and its modifications.

ARTICLE 6-No increases in the fees and hours of professorship exceeding the totals fixed in the plans annexed to this Article shall be approved for each jurisdiction, body

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decentralized and the institution of social security. Except for such limitation to transfers of charges between jurisdictions and/or decentralized agencies and to the charges corresponding to the higher authorities of the national executive branch. The charges relating to the executive functions of the collective labour agreement of the staff of the National System of Public Employment (SI.N.E.P.), approved by Decree 2.098 of 3 December 2001, are also exempted. 2008, the extensions and restructurings of charges arising from the enforcement of firm judgments and in administrative complaints, the regimes that determine the incorporation of agents that complete courses of specific training for the Armed and Security Forces, including the Federal Penitentiary Service, the Foreign Service of the Nation, the National Guard Corps, the Scientific-Technological Research Career, the National Atomic Energy Commission, and the Staff Regulations Investigation and Development of the Armed Forces. Also except for the limitation to approve increases in the fees and hours of professorship exceeding the totals fixed in the plans annexed to this article to the National Hospital "Professor Alejandro Posadas", to the Court of Nation, to the Federal Authority for Information and Communications Technologies (AFTIC), to the Civil Aviation Accident Investigation Board and to the Ministry of Federal Planning, Public Investment and Services in relation to the System Argentine Digital Terrestrial Television. Authorize the Chief of the Cabinet of Ministers to exempt from the limitations set forth in this article, the charges corresponding to the jurisdictions and entities whose organizational structures have been approved during the years 2014 and 2015.

ARTICLE 7 °-Unless a decision is made by the Chief of Staff of Ministers, the jurisdictions and entities of the national administration will not be able to cover the vacant positions financed by the date of the sanction of this law, nor those that are (a) The administrative decisions to be taken in this regard shall be in force during the present financial year and the following for cases where the unfrozen vacancies have not been covered. The charges for the higher authorities of the national public administration, the scientific and technical staff of the bodies referred to in Article 14 (a) of the Law are exempted from the foregoing. 25.467, to the regime established by administrative decision 609 dated August 1, 2014, corresponding to the officials of the active permanent body of the Foreign Service of the Nation, the posts of the National Hospital " Professor Alejandro Posadas ", of the Nuclear Regulatory Authority, of the Court of the Nation, of the Federal Information and Communications Technology Authority (AFTIC), Civil Aviation Accident Investigation Board and those of jurisdictions and entities whose organizational structures have been approved during the years 2014 and 2015, as well as those of the armed and security forces personnel, including the Federal Penitentiary Service, for replacements of agents passed to retirement and retirement or discharged during the current financial year.

ARTICLE 8 °-Authorize the Chief of Staff of Ministers, after intervention by the Ministry of Economy and Public Finance, to introduce extensions to the budget appropriations approved by this law and to establish its distribution in the This is a measure in which they are financed with the increase of sources of financing originated in loans from international financial organizations from which the nation is a member and those originating in bilateral country-country agreements and those from of the authorization conferred by Article 34 of this Law, provided that the The amount is offset by the decrease in other budget credits financed by Financing Sources 15-Internal Credit and 22-External Credit.

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Article 9 °-The head of the Cabinet of Ministers, prior to the intervention of the Ministry of Economy and Public Finance, may have extensions in the budgetary appropriations of the central administration, the decentralized agencies and social security institutions, and their corresponding distribution, financed with increased resources with specific affectation, own resources, transfers of national public sector entities, donations and the remaining financial years which are of specific destination by law.

ARTICLE 10. -The powers granted by this law to the chief of the cabinet of ministers may be assumed by the national executive branch, in its character as a political official of the general administration of the country and according to the provisions of the Article 99 of the National Constitution.

CHAPTER II

OF THE RULES ON EXPENDITURE

ARTICLE 11. -Authorizase, in accordance with the provisions of Article 15 of the Law on Financial Management and the Systems of Control of the National Public Sector, 24.156 and its modifications, the hiring of works or the acquisition of goods and services where the period of execution exceeds the financial year 2016 in accordance with the working details in the template annexed to this Article. The Chief of Staff of Ministers shall be entitled to carry out the necessary restructuring in order to complete Article 5 of this Law and within the limits laid down in Article 37 of Law 24.156 and amending incorporate the allocations provided for in the Annex II template attached to this Article.

ARTICLE 12. -Set as credit to finance the operating expenses, investment and special programs of the national universities the sum of fifty-one thousand nine hundred and forty-six million seven hundred and ninety-six thousand ($ 51,946.796,000), according to the detail of the schedule annexed to this article. The head of the Cabinet of Ministers will be empowered to incorporate credits, in addition to the provisions of this article, for the sum of four hundred million pesos ($400,000,000), intended to finance the operating, investment, and special programs of the national universities, the sum of pesos a thousand five hundred million ($1,500,000,000) destined to finance specific plans for the support to careers and university actions in priority strategic areas for the national development, the sum of three hundred million pesos ($300,000,000) to finance the expansion of the infrastructure and evolution resulting from the increase in the number of registered universities and the sum of 1 billion pesos ($1,000,000,000) for university hospitals. The Chief of Cabinet of Ministers is also authorized to assign the sum of pesos sixty million ($60,000,000) to the School of Dentistry, which is dependent of the National University of Buenos Aires, in order to complete the expansion works, and the sum of Twenty-five million pesos ($25,000,000), destined for the financing of the Entity 804-National Commission of University Evaluation and Accreditation (CONEAU) to the extent that the increase in its activity justifies it. National universities will have to submit to the Ministry of Education's Secretariat for University Policies the information necessary to assign, execute and evaluate the resources transferred to them for all purposes. The said ministry will be able to interrupt the transfers of funds in case

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in the sending of such information, in time and form.

ARTICLE 13. -Approve for the present financial year, in accordance with the details of the table annexed to this article, the financial flows and the use of the total or integrated trust funds for goods and/or funds of the national State, in compliance with the provisions laid down in Article 2 (a) of Law 25.152. The Chief of Cabinet of Ministers will have to submit quarterly reports to both Chambers of the Honorable Congress of the Nation on the flow and use of trust funds, detailing in his case the transfers made and the works executed and/or programmed.

ARTICLE 14. -During the present year, the sum of pesos two thousand six hundred and six million three hundred and ninety-nine thousand ($2,606,399,000) as a contribution to the National Employment Fund (FNE) for the attention of the Ministry of Labour, Employment and Social Security.

ARTICLE 15. -The national state takes charge of the obligations generated in the Wholesale Electrical Market (MEM) by application of the resolution 06 dated September 8, 2003 of the Energy Secretariat, corresponding to the Accrecias de Nucleus Argentina Company Anonymous (NASA), of the Yacyreta Binational Entity, of the royalties to the provinces of Corrientes and Misiones for the generation of the Binational Entity Yacyreta and the surpluses generated by the Hydroelectric Complex of Salto Large, the latter within the framework of laws 24,954 and 25,671, for economic transactions held until December 31, 2016.

ARTICLE 16. -Assign to the National Fund for the Enrichment and Conservation of Native Forests, pursuant to Article 31 of Law 26.331, an amount of two hundred and forty-six million five hundred and seventy-eight thousand Eight hundred and ninety-three ($246,578,893); for the National Forest Protection Program Natives an amount of pesos eighteen million four hundred and thirty thousand seven ($18,430,107); to the jurisdiction 01-Program 27 to the Commission Bicameral Special Monitoring and Implementation of the new Code of Criminal Procedure of the Nation (article 7) of the law 27,063), the sum of pesos twenty-five million ($25,000,000) and the Judicial Branch of the Nation, Jurisdiction 5, with destination to the Directorate of Control and Assistance of Criminal Execution, the sum of ten million pesos ($10,000,000). Also, assign to Aguas y Saneaciones Argentinos S.A. (AYSA) the sum of 1 billion pesos ($1,000,000,000), in so far as the execution of works and the extension of the number of users justifies it; to the Ministry of Sports under the Ministry of Social Development, Jurisdiction 85, with the to finance the operation established by law 27,098, the sum of pesos three hundred million ($300,000,000); to the Ministry of Sports under the Ministry of Social Development, Jurisdiction 85 to the grant of scholarships and sports assignments, the sum of two hundred million pesos ($200,000,000); the Ministry of Industry, Jurisdiction 56-Item 5.1.9 Automakers, the sum of pesos two hundred million ($200,000,000); to Jurisdiction 91 "Obligations of the Treasury" for the National Institute of Film and Visual Arts (INCAA) the sum of two hundred Millions ($200,000,000); to the National Service of Agro-Food Health and Quality (SENASA) Entity 623 the sum of two hundred and fifty million pesos ($250,000,000); and the sum of pesos one million ($1,000,000) to the Museum of the Holocaust Buenos Aires. The Chief of the Cabinet of Ministers shall be entitled to carry out, at the time of completion of Article 5 of this Law and within the limits laid down in Article 37 of Law 24.156 and amending, the increases and restructurings. necessary budget in order to incorporate the amounts

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set out in the preceding paragraphs and incorporate the allocations in the template annexed to this Article.

ARTICLE 17. -Authorize the national executive branch through the Secretariat of Transportation under the Ministry of the Interior and Transportation of the Nation, to implement the corresponding mechanisms, for the purpose of covering the financial needs of the undertakings covered by Article 17 of Law 27.008 until 31 December 2016. The amount of the assistance to be made must be considered, as current transfers and capital transfers as appropriate, with the obligation to render accounts of its application to the Ministry of Transport under the Ministry of the Interior and Transportation of the Nation. The General Audit of the Nation will carry out the certifications of the accounts of the transferred funds. The undertakings included in this Article are governed by the rules and principles of private law, and in particular as regards their nature, by the terms of Chapter II, Section V, of Law 19.550, by not applying them to legislation or administrative rules governing the administration, management and/or control of undertakings or entities in which the national State or the provincial States have a participation.

ARTICLE 18. -Establish that the resources allocated to the National Teacher Incentive Fund and the National Program of Teaching Wage Compensation will not be lower than the funds allocated in law 27.008. The national executive branch will determine the distribution mechanisms to ensure that the objectives and goals of National Education Law 26.206 are met.

ARTICLE 19. -Set the validity for the fiscal year 2016 of Article 7 ° of Law 26,075, in accordance with the provisions of Article 9 ° of Law 26.206, ensuring the automatic distribution of the resources to the municipalities to cover expenses strictly linked to the purpose and function of education.

CHAPTER III

OF THE RULES ON RESOURCES

ARTICLE 20. -The income was made available as a contribution to the national treasury of the sum of pesos one thousand seven hundred and ninety-five million six hundred and seventy-two thousand ($1,795,672,000) according to the distribution indicated in the plan annexed to this article. The chief of staff of ministers will set the payment schedule.

ARTICLE 21. -Set in the sum of seventy-one hundred and seventy-one million twenty-two thousand eighty ($171,822,080) the amount of the regulatory rate as established by the first paragraph of article 26 of Law 24,804, national law of nuclear activity.

ARTICLE 22. -extend for the financial year 2016 the provisions of Article 22 of Law 27.008.

ARTICLE 23. -Exempt from tax on liquid fuels and natural gas, provided for in Title III of Law 23.966 (t.o. 1998) and its amendments; of the gas oil tax established by Law 26,028 and of all other specific taxes than in the the future will be imposed on this fuel, to the imports of oil and diesel oil and its sale in the internal market, made during the year 2016, destined to compensate for the peaks of demand of such fuels, including the necessities for the

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Electrical generation market. The exemption provided for in the preceding paragraph shall be provided for as long as the average monthly rate of import of oil or diesel oil without taxes, with the exception of value added tax, is not lower than the price of the refinery output of those goods. The volume of seven million cubic metres (7,000,000 m3), which can be extended by up to twenty per cent (20%), under the present scheme, will be authorised for the year 2016, as the assessment of the need for it has been The Ministry of Finance, under the Ministry of Public Finance and the Ministry of Energy, is a subsidiary of the Ministry of Federal Planning, Public Investment and Services. The National Executive Branch, through the Strategic Planning and Coordination Commission of the National Plan of Investment, which is dependent on the Ministry of Economy and Public Finance, will distribute the quota according to the (a) the relevant report to be sent to the Honorable Congress of the Nation on a quarterly basis, the relevant report to contain an indication of the volumes authorised by the company; conditions of supply and report on compliance with resolution 1,679 of 23 December 2004 of the Energy Secretariat. In the areas not governed by this regime, the provisions of Law 26,022 shall be applied in a supplementary and supplementary manner.

ARTICLE 24. -exemption from the tax on liquid fuels and natural gas, provided for in Title III of Law 23.966 (1998) and its amendments, and any other specific duties imposed on that fuel in the future, on imports Grade two and/or grade three naphthas according to market needs and in accordance with the specifications laid down in the resolution of the Energy Secretariat 1.283 dated 6 September 2006 and its amendments and its sale on the market internal, carried out during the year 2016 to compensate for the differences between the installed capacity of production of naphthas in respect of the total demand for them. The exemption provided for in the preceding paragraph shall be provided for as long as the average monthly rate of import of non-tax naphthas, with the exception of value added tax, is not lower than the refinery exit price for those goods. The volume of one million cubic metres (1,000,000 m3), which can be extended by up to twenty per cent (20%), is authorised to be imported under the present scheme for 2016, as the assessment of its need has been The Ministry of Finance, under the Ministry of Public Finance and the Ministry of Energy, is a subsidiary of the Ministry of Federal Planning, Public Investment and Services. The National Executive Branch, through the Strategic Planning and Coordination Commission of the National Plan of Investment, which is dependent on the Ministry of Economy and Public Finance, will distribute the quota according to the (a) the relevant report to be sent to the Honorable Congress of the Nation on a quarterly basis, the relevant report to contain an indication of the volumes authorised by the company; conditions of supply. The taxable persons covered by law 23,966 who make imports of naphthas for subsequent sale exempt in the terms of the preceding paragraphs shall comply with the requirements laid down by the rules on controls to be used by the Commission for the Strategic Planning and Coordination of the National Plan for the Development of Hydrocarbons. For the purposes of the above provisions, the term 'naphtha' shall mean the fuel defined as such in Article 4 of the Annex to Decree 74 of 22 January 1998 and its amendments, the rules governing the tax on liquid fuels and natural gas.

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ARTICLE 25. -The resources provided for in Article 8 ° of Law 23,548, destined for the Autonomous City of Buenos Aires and the province of Tierra del Fuego, Antarctica and Islands of the South Atlantic, given their nature and destination, must be recorded in the general accounting of the nation without affecting the budget of the national administration, in accordance with the provisions of article 3 °, of Law 25,917 and its regulatory decree 1,731, dated December 7, 2004 and will not be considered in the basis of calculation for the determination of the percentages laid down in Article 2 (2) of Law 23.853, the Article 39, of Law 27.148 and Article 65, of Law 27.149.

CHAPTER IV

OF THE TAX QUOTAS

ARTICLE 26. -Set the annual quota referred to in Article 3 °, of Law 22,317 and Article 7 °, of Law 25,872, in the sum of three hundred and fifty-two million pesos ($352,000,000), according to the following detail: a) Pesos sixty million ($60,000,000) for the National Institute of Technological Education; b) Pesos eighty million ($80,000,000) for the Secretariat of Small and Medium-sized Enterprise and Regional Development; (c) Pesos twelve million ($12,000,000) for the Secretariat of Small and Medium-sized Enterprises and Regional Development, point (d) of Article 5 of Law 25,872; (d) Pest 200 million ($200,000,000) for the Ministry of Labour, Employment and Social Security. Let it be established that the amount of the tax credit referred to in Law 22.317 will be administered by the National Institute of Technological Education, in the field of the Ministry of Education.

ARTICLE 27. -Set the annual quota set out in Article 9 (b) of Law 23,877 in the sum of 120 billion pesos ($120,000,000). The implementing authority of Law 23,877 shall distribute the quota allocated for the operation established in order to contribute to the financing of the costs of carrying out research and development projects in the priority areas of In accordance with Decree 270 dated March 11, 1998, and to finance projects under the Program for the Promotion of Investment in Risk Capital in Companies in the Areas of Science, Technology and Productive Innovation, as established by the Decree 1.207 dated September 12, 2006.

CHAPTER V

OF THE CANCELLATION OF DEBTS OF PRE-RETIREMENT ORIGIN

ARTICLE 28. -Set as a ceiling the sum of pesos twelve thousand five hundred million ($12,500,000,000) for the payment of pre-viewing debts recognized in judicial and administrative headquarters as a result of retroactive payments originating in practiced adjustments In the benefits of the Integrated Social Security Administration, the National Administration of Social Security, a decentralized agency within the Ministry of Labor, Employment and Social Security.

ARTICLE 29. -Authorize the Chief of the Cabinet of Ministers, prior to the intervention of the Ministry of Economy and Public Finance, to extend the limit laid down in Article 28 of this Law for the cancellation of recognized pre-viewing debts at headquarters judicial and administrative as a result of retroactive payments made in adjustments to the benefits of the Integrated System

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Argentine in charge of the National Administration of Social Security, to the extent that the fulfillment of these obligations so requires. Allow the Chief of the Cabinet of Ministers to make the necessary budgetary changes in order to comply with this Article.

ARTICLE 30. -Set as a ceiling the sum of pesos one thousand six hundred and seventy-six million fifty-seven thousand ($1,676,157,000) for the payment of court judgments by the party that corresponds to cash for all purposes, as (a) a consequence of retroassets originating from adjustments in the corresponding benefits to retired and retired Armed Forces and Security Forces, including the Federal Penitentiary Service, according to the following details:

Authorize the Chief of the Cabinet of Ministers to extend the limit set in this article for the cancellation of pre-viewing debts, recognized in judicial and administrative headquarters as a result of retroactive adjustments In the case of retired and retired Armed Forces and Security Forces, including the Federal Penitentiary Service, where compliance with these obligations so requires. Allow the Chief of the Cabinet of Ministers to make the necessary budgetary changes in order to comply with this Article.

ARTICLE 31. -The bodies referred to in Article 30 of this Law must observe, for the cancellation of the pre-viewing debts, the order of strict priority which is detailed below: (a) Sentences notified in previous tax periods and still to be paid; b) Sentences notified in 2016. In the first case, priority will be given to older beneficiaries. The judgments notified in periods prior to 2016 shall be exhausted, including those contained in point (b), in strict compliance with the chronological order for the notification of final judgments.

CHAPTER VI

OF PENSIONS AND PENSIONS

ARTICLE 32. -Establish, as of the date of validity of this law, that the participation of the Institute of Financial Assistance for the Payment of Military Shootings and Pensions, referred to in Articles 18 and 19 of Law 22,919, may not be less than forty and Six percent (46%) of the cost of the salary fees for retirement, compensation and pension of the beneficiaries.

ARTICLE 33. -Extend by ten (10) years from their respective maturities the pensions granted under Law 13,337 which have expired or expire during the present financial year.

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Extend for ten (10) years from their respective maturities the funniest pensions which were granted by law 26,078. The pension allowances extended by this law, which shall be granted and those which have been extended by law 23,990, 24.061, 24.191, 24.307, 24.447, 24.624, 24.764, 24,938, 25.064, 25.237, 25.401, 25.500, 25.565, 25.725, 25.827, 25,967, 26,078, 26.198, 26.337, 26,422 and 26,546, extended in the terms of Decree 2,053 dated 22 December 2010 and supplemented by Decree 2,054 of 22 December 2010, by Law 26,728, by Law 26,784, by Law 26,895 and by law 27.008 shall comply with the following conditions: (a) not be the beneficial owner of a property whose tax valuation is equivalent to or greater than a hundred thousand ($100,000); b) Not having a link up to the fourth degree of consanguinity or second degree of affinity with the requesting legislator; may be individually or cumulatively exceed the sum equivalent to one (1) minimum retirement of the Argentine Pension System and shall be compatible with any other income provided that the total sum of the latter does not exceed two (2) minimum retirements of the system. In cases where the beneficiaries are minors, with the exception of those who have different abilities, the incompatibilities will be assessed in relation to their parents, when both live with the child. In the case of parents separated in fact or judicially, divorced or who have incurred abandonment of the home, the incompatibilities will only be assessed in relation to the parent who cohaves with the beneficiary. In all cases of carry-overs referred to in this Article, the implementing authority shall maintain the continuity of the benefits until such time as the aforementioned incompatibilities are verified. In no case shall payments of benefits be suspended without prior notification or intimation in order to comply with the necessary formal requirements. The ingratiable pensions which have been discharged by any of the grounds for incompatibility shall be rehabilitated once the grounds which have led to their extinction have ceased, provided that such incompatibilities cease to exist. within the time limit laid down in the law that granted them.

CHAPTER VII

OF THE PUBLIC CREDIT OPERATIONS

ARTICLE 34. -Authorizase, in accordance with the provisions of Article 60 of the Law on Financial Management and the Systems of Control of the National Public Sector, 24.156, and its amendments, to the entities mentioned in the Anexa Planilla Article to carry out public credit operations for the amounts, specifications and destination of the financing indicated in the aforementioned plan. The amounts indicated therein correspond to effective placement values. The use of this authorization must be informed in a reliable and detailed manner to both chambers of the Honorable Congress of the Nation, within the period of thirty (30) days of effective operation of public credit. The Authority Responsible for the Coordination of Financial Management Systems shall carry out the public credit operations corresponding to the Central Administration. The Ministry of Economy and Public Finance may make modifications to the characteristics

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detailed in the aforementioned plan for the purposes of adapting them to the possibilities for obtaining financing, which should be reported in the same way and manner as set out in the second paragraph.

ARTICLE 35. -Authorize the national executive branch, through the Ministry of Economy and Public Finance, to integrate the Argentine Debt Fund, created by decree 298 dated March 1, 2010, for up to the sum of US dollars Six thousand five hundred and twenty-five million (u 6,525,000,000). The resources that the Argentine Debt Fund will make will be used, in so far as this decreases the financial cost for savings in interest payments, the cancellation of public debt services with private security holders. for the fiscal year 2016 and, in the event of a surplus and as long as they have a neutral monetary effect, to finance capital expenditure. For such purposes, authorize the Ministry of Economy and Public Finance to place, with imputation to the plan annexed to Article 34 of this Law, the Central Bank of the Argentine Republic, one or more non-transferable letters, denominated in dollars (10) years, which shall bear an interest rate equal to that of the international reserves of the Central Bank of the Argentine Republic for the same period. period, up to a maximum of the annual Libor rate, minus one (1) percentage point and whose interest is cancelled semi-annually. These instruments may be integrated exclusively with reserves of free availability; they shall be considered as falling within the provisions of Article 33 of the Organic Charter of the Central Bank of the Argentine Republic, and are not reached by the prohibition of Articles 19 (a) and 20 thereof. The Ministry of Economy and Public Finance will periodically report to the bicameral commission created by Article 6 of Decree 298, dated March 1, 2010, the use of the resources that make up the Argentine Debt Fund.

ARTICLE 36. -Set in the sum of pesos sixty billion ($60,000,000,000) and in the sum of pesos thirty-five billion ($35,000,000,000) the maximum amounts of authorization to the General Treasury of the Nation under the Secretariat of Budget of the Secretariat of Finance of the Ministry of Economy and Public Finance and the National Administration of Social Security (ANSES), respectively, to make use of the short-term credit to which the Articles 82 and 83 of the Law on Financial Management and the Control Systems of the National Public Sector 24.156 and its amendments.

ARTICLE 37. -The Secretariat of Finance of the Ministry of Economy and Public Finance will be empowered to issue and place Treasury bills in instalments that do not exceed the financial year until reaching an amount in circulation of the nominal value of pesos. Nineteen billion ($19,000,000,000), or its equivalent in other currencies, for the purpose of being used as collateral for the acquisitions of liquid and gaseous fuels, the import of electric power, the purchase of aircraft, as well as as well as foreign components and capital goods of national projects and public works, or to be performed. Such instruments may be issued in the currency which requires the lodging of such guarantees, subject to the issuance, placement, settlement and registration of such securities, as provided for in Article 82 of the Annex to Decree 1.344, dated 4 of October 2007. Prior to the issuance of the same, the budget item allocated to the guaranteed expenditure shall be committed. The Finance Secretariat of the Ministry of Economy and Public Finance has the power to provide the

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application of the said budget headings in favour of the national State, in view of the possible performance of the guarantees issued pursuant to this Article, and also to lay down the clarification, supplementary and procedural rules related to the privileges granted therein.

ARTICLE 38. -The National Executive Branch, through the Ministry of Economy and Public Finance, will be empowered to carry out additional public credit operations to those authorized by Article 34 of this Law, the detail of which is contained in the annexed Article, up to a maximum amount of US dollars fifty-four thousand five hundred and thirty-eight million (u 54,538,000,000) or its equivalent in other currencies. The national executive branch, through the Ministry of Economy and Public Finance, will determine according to the financing offers to be verified and up to the amount indicated, the allocation of the financing between the investments indicated and ask the Responsible Authority for the Coordination of Financial Management Systems to implement it. The use of this authorization must be informed in a reliable and detailed manner, within thirty (30) days of effective operation of public credit, to both chambers of the Honorable Congress of the Nation. The head of the Cabinet of Ministers, after the Ministry of Economy and Public Finance, will be able to reassign, in so far as the economic and financial conditions so require, among the projects listed in the Annex to this Article, without exceeding the overall maximum amount. The head of the Cabinet of Ministers should be empowered, in so far as the credit operations concerned are perfected, to carry out the corresponding budgetary enlargements in order to enable them to be implemented.

ARTICLE 39. -During the financial year 2016, the suspension was provided for in Article 1 of Decree 493 dated 20 April 2004.

ARTICLE 40. -Authorize the national executive branch, through the Ministry of Economy and Public Finance, to carry out public credit operations, when they exceed the financial year 2016, for the amounts, specifications, period and destination of detailed financing in the template annexed to this Article. The Authority Responsible for the Coordination of Financial Management Systems shall carry out the public credit operations corresponding to the Central Administration, provided that they have been included in the Budget Law of the exercise.

ARTICLE 41. -It maintains the deferral of payments of the services of the public debt of the National Government provided for in Article 44, of Law 27.008, until the completion of the process of restructuring of the entire public debt contracted was originally published before 31 December 2001, or by virtue of the rules laid down before that date.

ARTICLE 42. -Authorize the national executive branch, through the Ministry of Economy and Public Finance, to continue the normalization of the services of the public debt referred to in Article 41 of this Law, in the terms of Article 65 of the Law on Financial Management and the Systems of Control of the National Public Sector, 24.156, and its modifications, and with the limits imposed by Law 26,886, with the power of the national executive branch to carry out all those acts necessary for the conclusion of the said process, in order to bring the services of the same to the

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the possibility of payment of the national state in the medium and long term. The Ministry of Economy and Public Finance will report to the Honorable Congress of the Nation, the progress of the negotiations and the agreements to which it will arrive during the negotiation process. The public debt services of the national government, corresponding to the public securities covered by the regime of Law 26,017, are included in the dispute referred to in Article 41 of this Law. The final judgments, issued against the provisions of Law 25,561, Decree 471 dated March 8, 2002, and their supplementary rules, which are subject to those titles, are met by the provisions of the previous.

ARTICLE 43. -The Authority responsible for the Coordination of Financial Management Systems of the National Public Sector to carry out additional public credit operations to those authorized in Article 34 of this Law, Provide a capital contribution to the Trust Fund of the Argentine Credit Program of the Bicentennial for the Single Family Housing (Pro.Cre.Ar. Bicentenario) for an amount of 15 billion pesos ($15,000,000,000), through the issuance of Treasury bills at two (2) years ' time, in the terms and conditions set by the Authority Responsible for the Coordination of Financial Management Systems of the National Public Sector. The Chief of the Cabinet of Ministers shall be empowered, in so far as the use of this authorization is made to be improved, to carry out the corresponding budgetary enlargements in order to enable them to be implemented.

ARTICLE 44. -Authorize the national executive branch, through the Ministry of Economy and Public Finance, to grant guarantees, guarantees or guarantees of any kind for the purpose of guaranteeing the obligations for the financing of the works of infrastructure and/or equipment, the details of which are listed in the Annex to this Article and up to the overall maximum amount of US dollars fifty-one thousand seven hundred and eighteen million (u 51,718,000,000), or their equivalent in other coins, plus the amounts necessary to deal with the payment of interest and other accessories. The national executive branch through the Ministry of Economy and Public Finance, will ask the Coordinating Body of the Financial Management Systems to grant the guarantees, guarantees or guarantees, which will be These can be fully or partially endorsed and include an amount equal to the guaranteed debt capital plus the amount necessary to ensure payment of the corresponding interest and other accessories. The head of the Cabinet of Ministers, after the Ministry of Economy and Public Finance, will be able to reassign, in so far as the economic and financial conditions so require, among the projects listed in the Annex to this Article, without exceeding the overall maximum amount.

ARTICLE 45. -the Authority responsible for the Coordination of Financial Management Systems should be empowered to grant national treasury guarantees for public credit operations in accordance with the working details in the template annexed to this Article; and for the maximum amounts determined in the same or its equivalent in other currencies, plus the amounts necessary to meet the payment of interest and other duly quantified accessories.

ARTICLE 46. -Within the amount authorized for Jurisdiction 90-Public Debt Service,

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includes the sum of pesos 30 million ($30,000,000) for the attention of the debts referred to in points (b) and (c) of Article 7 of Law 23,982.

ARTICLE 47. -In pesos, eight thousand six hundred million ($8,600,000,000) will be set for the maximum amount of consolidation bonds and the consolidation bonds of pre-viewing debts, in all their current series, for the payment of the obligations under consideration. Article 2 (f) of Law 25.152, those reached by Decree 1,318, dated 6 November 1998 and those referred to in Article 127, of Law 11,672-Permanent Supplementary of Budget (t.o. 2014) for the amounts in each case are indicated in the template annexed to this Article. The amounts indicated therein correspond to effective placement values. The Ministry of Economy and Public Finance will be able to make modifications within the total amount fixed in this article.

ARTICLE 48. -Substitute Article 68 of Law 11,672-Permanent Supplementary of Budget (t.o. 2014) by the following:

Article 68: The obligations consolidated in the terms of laws 23.982, 25.344, 25.565 and 25.725, and those whose cancellation must be made effective by virtue of any other rule that so indicates, with the instruments provided for in those laws, will be served with Eighth Series Consolidation Bonds. The obligations included in the laws 24,043, 24,411, 25,192, 25,471, 26,572, 26,690, 26,700, 27,133 and 27,139 will be cancelled with Consolidation Bonds Eighth Series. The extension provided for in Article 46 of Law 25,565 and the extension of the provisions of Articles 38 and 58 of Law 25.725 is applicable only to obligations due or due to or after 31 December 1999, and before 1 ° from January 2002 to 1 September 2002, depending on what is the case in each case. Until 31 December 1999, the obligations referred to in Article 13 of Law 25.344 shall continue to be governed by the relevant laws and regulations. In all cases, the interest to be settled judicially shall be calculated only until the cut-off date, fixed at 1 April 1991 for the obligations laid down in law 23,982, at 1 January 2000, for the purposes of the In accordance with the provisions of the law of the Member State of the European Union, the Commission shall, in accordance with the conditions laid down in Article 3 (2) of Regulation (EC) No 254/95,

ARTICLE 49. -Payments of the obligations achieved by the consolidation laid down by laws 23,982, 25,344, 25,565 and 25,725 whose creditors would have chosen to collect the same in cash and their corresponding payment order forms have been admitted to the National Office of Public Credit under the Finance Secretariat of the Finance Secretariat of the Ministry of Economy and Public Finance prior to 31 December 2015, they will be treated with the authorisation contained in Article 46 of this Law.

ARTICLE 50. -Substitute Article 179 of Law 11,672 Permanent Complementary of the Law of Budget (t.o. 2014), which shall be worded as follows:

Article 179: The requests for reports or injunctions regarding the period in which any obligation reached by the consolidation provided by laws 23,982, 25,344, 25,565 and 25,725 will be fulfilled will be answered by the Executive Branch national, or any of the legal persons or entities reached by Article 2 of Law 23,982, indicating that the Honorable Congress of the

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A nation which annually allocates the resources necessary to deal with the consolidated liabilities within the time limit for the depreciation of the instruments referred to in Article 67 (b) of Law 11.672 (t.o. 2014), so that it can be estimated provisionally the deadline that will require your attention. Article 9 of Law 23,982 is repealed.

ARTICLE 51. -Facultate to the Ministry of Economy and Public Finance to establish the financial conditions for repayment of the debts of the provinces with the national government resulting from the restructuring carried out by the national State with the representatives of the creditor countries nucliated at the Paris Club for the refinancing of debts with arrears from the Argentine Republic. The Ministry of Economy and Public Finance will be empowered to sign the relevant bilateral agreements with the provinces involved.

ARTICLE 52. -Authorize the Ministry of Economy and Public Finance to place, with imputation to the plan annexed to Article 34 of this Law, the Central Bank of the Argentine Republic, an untransferable letter, denominated in U.S. dollars, depreciable in full at maturity, with a repayment term of ten (10) years, which will result in an interest rate equal to that of the international reserves of the Central Bank of the Argentine Republic for the same period, up to a maximum annual Libor rate, minus one (1) percentage point and whose interest shall be cancelled semestrally. This instrument shall be integrated with the funds corresponding to the capital to be received by the Central Bank of the Argentine Republic at the expiration of the "Transferable Letter Due 2016" issued by Joint Resolution 4 of the Secretariat of the Finance Secretariat of 5 January 2006, which will take place on 3 January 2016.

CHAPTER VIII

RELATIONS WITH THE PROVINCES

ARTICLE 53. -fix the amounts to be sent monthly and in a row, during the present financial year, in respect of the payment of the obligations arising under Article 11 of the National Agreement on Financial Relations and the Basis of a Federal Tax Co-Participation, concluded between the national State, the provincial states and the Autonomous City of Buenos Aires on 27 February 2002, ratified by law 25,570, intended for non-participating provinces rescheduling of the debt referred to in Article 8 of the said agreement, which shall be determined as follows: Province of La Pampa, pesos three million three hundred and sixty-nine thousand hundred ($3,369,100); province of Santa Cruz, pesos three million three hundred and eighty thousand ($3,380,000); province of Santiago del Estero, pesos six million seven hundred and ninety Five thousand ($6,795,000); province of Santa Fe, pesos fourteen million nine hundred and seventy thousand hundred ($14,970,100) and province of San Luis, pesos four million thirty and one thousand three hundred ($4,031,300).

ARTICLE 54. -The provisions of Articles 1 and 2 of Law 26,530 shall be extended for the financial year 2016. I invited the provinces to adhere to this extension.

ARTICLE 55. -extend the maximum period laid down in Article 3 of Law 25,917 until 31 December 2016.

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CHAPTER IX

OTHER PROVISIONS

ARTICLE 56. -Dase by extension of any period prescribed by the Head of the Cabinet of Ministers for the liquidation or final dissolution of any entity, agency, institute, company or company of the State in the process of liquidation in accordance with decrees 2,148 dated 19 October 1993 and 1,836 dated 14 October 1994 and the extension of which would have been established by administrative decision. Set as the final date for the final settlement of the settlement entities referred to in the preceding paragraph on 31 December 2016 or until the final settlement of the settlement processes of the entities occurs. This is the first time that we have reached this extension, by means of the resolution of the Ministry of Economy and Public Finance, that will be available first.

ARTICLE 57. -Ratify decree 1,423 dated July 24, 2015.

ARTICLE 58. -Substitute Article 81 of the Law on Financial Management and Systems of Control of the National Public Sector, 24.156, and its amendments, by the following:

Article 81: The organs of the three branches of the State and the higher authority of each of the decentralized entities that make up the National Administration may authorize the operation of rotating funds, internal rotating funds and/or (a) the number of cases where the scheme and the limits laid down in their respective regulations are laid down. The expenses incurred through the regime of revolving funds, internal revolving funds and/or similar or girl boxes, are excluded from the National Administration's Contract Regime. For these purposes, the relevant treasuries may provide the necessary funds as an advance, by making the charge corresponding to their recipients.

ARTICLE 59. -Authorizase to start the process of contracting the works of hydroelectric infrastructure called "Chifled I", "Portezuelo del Viento", "Los Blancos", "Punta Negra" and "Potrero del Clavillo". It also authorized the head of the Cabinet of Ministers to carry out the necessary measures in respect of the budget, for the purpose of committing the implementation of the aforementioned projects and their inclusion in the following financial years. until completion.

ARTICLE 60. -Extend the time limits provided for in Articles 2 and 5 of Law 26.360 and its amendment law 26,728, for the realization of investments in infrastructure works, until 31 December 2016, inclusive. It shall be understood that there is an effective principle of enforcement when funds are made from funds associated with the investment project between 1 October 2010 and 31 October 2016, both dates inclusive, not less than 15% (15%) of the planned investment, even if the works have been initiated between 1 October 2007 and 30 September 2015.

ARTICLE 61. -extend the period laid down in Article 63 of Law 27.008 until 31 December 2017.

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ARTICLE 62. -the provisions extended by the preceding Article shall also apply to imports for the consumption of capital goods and their components, which are carried out as a result of contracts in force concluded with the water society and Saneaciones Argentinos Sociedad Anónimica (AySA S.A.) (CUIT 30-70956507-5) to be intended solely for the projects and works listed in that article with the limitations provided therein. The operations achieved for this benefit will be subject to the corresponding controls.

ARTICLE 63. -The Ministry of Culture will be affected by the fees and other revenues from the concessions and permits of the restaurants and bufet that operate within the Kirchner Cultural Center, in order to which are intended for expenditure related to the cultural agenda of the Centre.

ARTICLE 64. -extend for the financial year 2016 the provisions of Article 66 of Law 27.008.

ARTICLE 65. -Authorizase, in accordance with the provisions of Article 15 of the Law on Financial Management and the Systems of Control of the National Public Sector, 24.156, and its modifications, the hiring of the works indicated in the paragraph following the financial year 2016, in the field of the Ministry of Foreign Affairs and Cult. In the project 34 Integral improvement of the Bermejo River Basin, 51 Component 1-Recovery and Development of Irrigation And Drainage Areas and the Bermejo River for an amount of US dollars twenty million five hundred and seventy Four thousand (u 20,574,000) and the work 52 Component 2-Integrated management of spills from the Bermejo River and Power of the Bellaco-Stage I Esterner to the amount of US dollars twenty-one hundred million nine thousand (u 21,109,000). In the Project 39 Remodeling Embassy and Residence in Washington-Stage II, the work of equal denomination for an amount of US dollars three million five hundred thousand (u 3,500,000). This amount includes the annual budget of the work for the sum of US dollars two million nine hundred and sixty-four thousand (u 2,964,000) and a variation of twenty percent (20%).

ARTICLE 66. -Substitute Article 180 of Law 11,672-Permanent Supplementary of Budget (t.o. 2014), by the following:

Article 180: Facultate to the Ministry of Foreign Affairs and Cult to sign contracts for the location of buildings and for the execution of its institutional activities containing clauses implementing the local regulations which are subject to the Jurisdiction of the receiving State, which incorporate the guarantees of compliance with contracts and remedies for the case of non-compliance or that assume the payment by the Argentine State of taxes when these are customary according to the use and customs of place in the receiving country where the conditions of the local market so require.

ARTICLE 67. -The chief of the Cabinet of Ministers should be empowered to use the powers conferred by Article 37 of Law 24.156 to carry out the necessary budgetary restructurings for the purpose of allocating the sum of 30 billion pesos ($ 30,000,000) in favor of the Universidad Tecnológica Nacional destined for the implementation of the Laboratory of Environmental Studies in the city of San Nicolás de los Arroyos, province of Buenos Aires, and the sum of 150 pesos millions ($150,000,000) in favor of the National Agency of Public Laboratories, created by

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Law 27.113 as a decentralized agency in the Ministry of Health's orbit. Except to the National Agency of Public Laboratories of the limitations laid down in Articles 6 and 7 of this Law. It also empowers the chief of the Cabinet of Ministers to use the powers conferred by Article 37 of Law 24.156 to carry out the necessary restructurings for the purpose of allocating the sum of 1 billion pesos ($1,000,000,000). [passage omitted] (La Nacion, 21 March) Corresponding to the Financial Source 11 -- National Treasury -- in favor of the Attorney General's Office, acting in the field of the Public Ministry.

ARTICLE 68. -Declaration of public interest the National Plan of Nuclear Medicine that will have as object the social inclusion at the federal level incorporating high quality technologies to the public health system.

ARTICLE 69. -The Chief of the Cabinet of Ministers shall be empowered to use the powers conferred by Article 37 of Law 24.156 to carry out the necessary budgetary restructurings for the purpose of allocating the sums necessary to finance the expenditure The following are the provisions of Law 27.120-Choice of Members of the MERCOSUR [MERCOSUR].

CHAPTER X

OF THE PERMANENT SUPPLEMENTARY BUDGET ACT

ARTICLE 70. -Incorporate into Law 11,672, Permanent Supplementary of Budget (t.o. 2014) Articles 25 and 63 of this Law.

TITLE II

BUDGET FOR EXPENDITURE AND RESOURCES OF THE CENTRAL GOVERNMENT

ARTICLE 71. -The benefits and scholarships granted by Jurisdiction 01 Program 17 that were provided by laws 26.784, 26,895 and 27.008 are duly completed in their perception and use.

ARTICLE 72. -Detailed in the summary sheets numbers 1, 2, 3, 4, 5, 6, 7, 8 and 9, annexed to this Title, the amounts determined in Articles 1 °, 2 °, 3 ° and 4 ° of this law corresponding to the central administration.

TITLE III

BUDGET FOR EXPENDITURE AND RESOURCES OF DECENTRALISED BODIES AND SOCIAL SECURITY INSTITUTIONS

ARTICLE 73. -Detailed in the summary sheets 1A, 2A, 3A, 4A, 5A, 6A, 7A, 8A and 9A annexed to this Title the amounts determined in Articles 1 °, 2 °, 3 ° and 4 ° of the present law corresponding to the decentralised bodies.

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ARTICLE 74. -Detailed in the summary sheets 1B, 2B, 3B, 4B, 5B, 6B, 7B, 8B and 9B annexed to this Title the amounts determined in Articles 1 °, 2 °, 3 ° and 4 ° of this law corresponding to the institutions of social security.

ARTICLE 75. -Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE TWENTY-EIGHT DAYS OF THE MONTH OF OCTOBER OF THE YEAR TWO THOUSAND FIFTEEN.

-REGISTERED UNDER NO 27198-

BELOVED BOUDOU. -JULIAN A. DOMINGUEZ. -Juan H. Estrada. -Lucas Chedrese.

NOTE: The Annex/s that integrates this (a) Law are published in the web edition of the BORA -www.boletinofficial.gob.ar-and can also be consulted in the Central Headquarters of this National Directorate (Suipacha 767-Autonomous City of Buenos Aires).

Date of publication: 04/11/2015

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