BUDGET

Law 27.008

Approve the General Budget of the National Administration for the Financial Year 2015. Sanctioned: October 30, 2014 Enacted: November 13, 2014

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 two hundred and fifty-one thousand six hundred and thirty million two hundred and forty-eight thousand four hundred and ninety-seven ($1,251,630,248,497) the total of the current and capital expenditures of the Budget General of the National Administration for the Exercise 2015, for the purposes indicated below, and analytically in the plans 1, 2, 3, 4, 5, 6 and 7 annexed to this article.

ARTICLE 2 °-Estimate in the sum of pesos one billion two thousand two thousand six million four hundred and sixty three thousand forty six ($1,202,006,463,046) the calculation of the Corrientes and Capital Resources

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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 twenty thousand eight hundred and eight million pesos, nineteen thousand eight hundred and eighty-eight ($220,808,119,888) the amounts corresponding to the Figurative Expenses for current and the capital of the National Administration, the financing by figurative contributions of the National Administration is therefore established in the same sum, according to the detail in the annexe 9 and 10 that are part of the 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 forty-nine thousand six hundred and twenty-three million seven hundred and eighty-five thousand four hundred Fifty-one ($49,623,785,451). The following are the sources of financing and the financial applications detailed in the plans 11, 12, 13, 14 and 15 annexed to this article:

The sum of three thousand eight hundred and eighty-four million hundred and seventy thousand forty ($3,884,170,040) the amount corresponding to the Figures for Financial Applications of the National Administration, resulting in The financing of the National Administration's Financial Applications for Financial Applications in the same sum.

ARTICLE 5-The Chief of the Cabinet of Ministers shall, by means of an administrative decision, distribute the appropriations of this law at least at the level of the limits laid down 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

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The total amount of the total amount of the total amount of the aid is to be determined by the Member State concerned. 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 Convention of the Staff of the National System of Public Employment (S.I.N.E.P.), approved by Decree 2.098 dated December 3, are also excepted. 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 set in the plans annexed to this article to the National Hospital "Professor Alejandro Posadas", to the National Commission of Space Activities (CONAE), the Court of the Nation's Tasings and the Ministry of Federal Planning, Public Investment and Services in relation to the Argentine System of 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 2013 and 2014.

ARTICLE 7 °-Unless the Chief of the Cabinet of Ministers decides, 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 Permanent Body Active of the Foreign Service of the Nation, the posts of the National Hospital " Professor Alejandro Posadas ", of the National Administration of Civil Aviation (ANAC), of the Regulatory Authority Nuclear, of the Court of State of the Nation, of the Ministry of Federal Planning, Public Investment and Services in relation to the Argentine System of Digital Terrestrial Television and those of the Jurisdictions and Entities whose structures have been approved during the years 2013 and 2014, as well as those of the Armed Forces and Security personnel, including the Federal Penitentiary Service, for replacements of agents who have passed on to retirement and retirement during the present 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 37 of this Law, provided that the The amount is offset by the decrease in other budget credits financed by Funding Sources 15-Internal Credit and 22-External Credit.

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Article 9 °-The Chief of the Cabinet of Ministers, prior to the intervention of the Ministry of Economy and Public Finance, may have extensions in the budget appropriations of the central administration, the decentralized agencies and institutions of social security, and their corresponding distribution, financed with increased resources with specific affectation, own resources, transfers of entities from the National Public Sector, 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, as a political responsibility 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 2015 in accordance with the working detail in the template annexed to this Article. The Chief of the Cabinet of Ministers should be empowered to make the relevant budgetary changes in order to increase the budget of the decentralised body 604-National Directorate of Road-in the sums arising from the following table:

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ARTICLE 12. -Set as credit to finance the operating expenses, investment and special programs of the national universities the sum of pesos thirty-eight thousand nine hundred and thirty-four million nine hundred and ninety-nine thousand hundred and sixty-nine thousand four ($38.934,999,164), according to the detail of the template annexed to this article. Empower the Chief of Staff of Ministers 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 national universities, on the one hand, and the sum of pesos six hundred million ($600,000,000) to finance specific plans for the support of careers and university actions in priority strategic areas for national development, on the other. 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 ministry may interrupt transfers of funds in the event of non-compliance 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 of 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. -Allocate during the present year the sum of pesos two thousand hundred and fifty-five million nine hundred and nineteen thousand ($2,155,919,000) as a contribution to the Fund

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National Employment Agency (FNE) for the attention of employment programs 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 406 dated September 8, 2003 of the Secretariat of Energy, 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 carried out until 31 December 2015.

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 thirty-two hundred and thirty thousand pesos ($ 232,450,000) and for the National Forest Protection Program Natives an amount of fourteen million pesos ($14,000,000). The Chief of Cabinet of Ministers, after the Ministry of Economy and Public Finance, will be empowered to extend the amounts set forth in the preceding paragraph, in the framework of the aforementioned law.

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 within the meaning of Article 17 of Law 26,895 until 31 December 2015. 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 Transport. The General Audit of the Nation will carry out the certifications of the accounts of the transferred funds. The amount of the assistance provided under the laws 26.412, 26,422, 26,546, 26,728, 26.784 and 26,985 must be regarded as current and capital transfers as appropriate, with the obligation to account for their application to the Transport Secretary under the Ministry of the Interior and Transport. The General Audit of the Nation will carry out the certifications of the accounts of the transferred funds.

ARTICLE 18. -Establish that from the present financial year the resources for the National Fund for Teaching Incentive and the National Program of Teaching Wage Compensation will not be lower than the funds allocated in Law 26,895. The national executive branch will determine the distribution mechanisms that will ensure the fulfillment of the objectives and goals of the National Education Act 26.206.

ARTICLE 19. -Set the validity for the fiscal year 2015 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

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ARTICLE 20. -The income as a contribution to the national treasury of the sum of pesos is available a thousand four hundred and twenty-nine hundred and seventy-four thousand ($1,429,174,000) according to the distribution indicated in the plan annexed to this article. The Chief of Cabinet of Ministers will set the payment schedule.

ARTICLE 21. -Set in the sum of eighty-five million seven hundred and seven thousand nine hundred and seventy-two ($85,707,972) the amount of the regulatory fee as established by the first paragraph of article 26 of Law 24,804-National Law of the Nuclear Activity.

ARTICLE 22. -extend the provisions of Article 22 of Law 26,728 for the financial year 2015.

ARTICLE 23. -Exempt from the Tax on Liquid Fuels and Natural Gas, provided for in Title III of Law 23.966 (t.o. 1998) and its modifications; of the tax on gas oil established by law 26,028 and of all other specific tax that in the the future will be imposed on this fuel, the imports of oil and diesel oil and its sale on the domestic market, made during the year 2015, destined to compensate for the peaks of demand of such fuels, including the necessities for the Electrical generation market. 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 for the year 2015, will be allowed to be imported under the present scheme, 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. -Exempt from the Tax on Liquid Fuels and Natural Gas, provided for in Title III of Law 23.966 (t.o. 1998) and its modifications, and of any other specific tribute that in the future is imposed on said fuel, to the 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 2015 to compensate for the differences between the installed capacity of production of naphthas in respect of the total demand for them. The volume of one million cubic metres (1,000,000 m3), which can be extended by up to twenty per cent (20%), under the present scheme for the year 2015, will be allowed to be imported under the present scheme, 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 for Investment in Hydropower, under the Ministry of Economy and Public Finance,

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distribute the quota in accordance with the regulations that it dictates, and must submit to the Honorable Congress of the Nation, in a quarterly form, the relevant report to contain an indication of the volumes authorized by the company; market prices and 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 to the Regulation on the Tax on Liquid Fuels and Natural Gas.

ARTICLE 25. -Extend the time limits provided for in Articles 2 and 5 of Law 26.360 and its amending Law 26,728, for the realization of investments in infrastructure works, until 31 December 2015, 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 December 2015, both dates inclusive, not less than 15% (15%) of the planned investment, even if the works were initiated between 1 October 2007 and 30 September 2010.

ARTICLE 26. -replace Article 5 (e) (e) of Law 26.360 and its Amending Law 26,728, by the following text: ' e) For investments made during the period from 1 October 2010 to 31 December 2015. I. In infrastructure works initiated during that period: at least in the quantity of annual, equal and consecutive quotas which arise from considering their useful life reduced to 70% (70%) of the estimate. '

ARTICLE 27. -The Chief of Cabinet of Ministers, in the opportunity to proceed to the distribution of the credits approved by the article 1 ° of this law to incorporate into the jurisdiction 56 Ministry of Federal Planning, Public Investment and Services, balances of resources remaining collected in the year 2013, by the sum of forty-four million five hundred and eleven thousand hundred and ninety-one ($44,511,191) corresponding to the laws 15.336, 24.065 and 23.966.

CHAPTER IV

OF THE TAX QUOTAS

ARTICLE 28. -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 thirty million pesos ($330,000,000), according to the following detail: a) pesos thirty-eight million ($38,000,000) for the National Institute of Technological Education; b) pesos eighty million ($80,000,000) for the Secretariat of Small and Medium Enterprises 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) pesos two hundred million ($200,000,000) for the Ministry of Labor, Employment and Social Security.

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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 29. -Set the annual quota set out in Article 9 (b) of Law 23,877 in the sum of 100 million pesos ($100,000,000). 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 30. -Set as a ceiling the sum of pesos ten thousand five hundred million ($10,500,000,000) for the payment of pre-viewing debts recognized in judicial and administrative headquarters as a result of retroactive payments originated 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 31. -the National Administration of Social Security (ANSES), the National Administration of Social Security (ANSES), paid in cash, from the pre-visionary debts consolidated in the framework of Law 25,344, for the part to be paid by means of the placement of the public debt.

ARTICLE 32. -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 30 of this Law for the cancellation of pre-viewing debts recognized at headquarters judicial and administrative as a result of retroactive adjustments made in the benefits of the Argentine National Administration of Social Security, to the extent that compliance with the such obligations so require. Allow the Chief of the Cabinet of Ministers to make the necessary budgetary changes in order to comply with this Article.

ARTICLE 33. -Set as a maximum limit the sum of pesos one thousand four hundred and fifty six million five hundred and thirty-five thousand two hundred and forty ($1,456.535,240) for the payment of court judgments by the party that corresponds to cash for all purposes, as a result of retroactive adjustments made to the benefits corresponding to retired and retired Armed Forces and Security Forces, including the Federal Penitentiary Service, agreement with the following detail:

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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 34. -the bodies referred to in Article 33 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 (b) Sentences notified in the year 2015. In the first case, priority will be given to older beneficiaries. The judgments notified in periods prior to 2015 shall be exhausted, including those contained in point (b), in strict compliance with the chronological order of notification of the final judgments.

CHAPTER VI

OF PENSIONS AND PENSIONS

ARTICLE 35. -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 36. -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. Extend for ten (10) years from their respective maturities the funniest pensions which were granted by law 25,967. 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 the

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Decree 2,054 of 22 December 2010, by law 26,728, by law 26,784 and by law 26,895 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 exceed in an individual or cumulative form 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 reasons which have given rise 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 37. -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 plan annexed to the present 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 body responsible for the coordination of financial management systems shall carry out the public credit operations corresponding to the central government. The Ministry of Economy and Public Finance will be able to make modifications to the characteristics detailed in the aforementioned plan for the purposes of adapting them to the possibilities of obtaining financing, which should be informed of the same form and mode set out in the second paragraph.

ARTICLE 38. -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 Eleven thousand eight hundred and eighty-nine

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Two hundred thousand (u 11,889,200,000). 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 financial year 2015 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 37 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 must periodically inform the Bicameral Commission, created by Article 6 of Decree 298 dated March 1, 2010, of the use of the resources that make up the Argentine Debt Fund.

ARTICLE 39. -Set in the sum of pesos forty-eight billion ($48,000,000,000) and in the sum of pesos twenty-five billion ($25,000,000,000) 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 modifications.

ARTICLE 40. -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 requiring 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 of 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 for the implementation of the aforementioned budget items in favor of the national state, in view of the possible realization of the guarantees issued under the This Article shall also provide for clarification, supplementary and procedural rules relating to the powers conferred on it.

ARTICLE 41. -The National Executive Branch, through the Ministry of Economy and Public Finance, will be able to carry out additional public credit operations to those authorized by Article 37 of the

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This law, the detail of which is contained in the table annexed to this Article, up to a maximum amount of US dollars fifty thousand three hundred and thirty-one million five hundred and five thousand four hundred and twenty (u 50.331,505.420) 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 request the body responsible for the coordination of financial management systems to implement them. The use of this authorization must be informed in a reliable and detailed manner, within the period of thirty (30) days of effective operation of public credit, to both Chambers of the Honorable Congress of the Nation. The Chief of the Cabinet of Ministers, prior to the intervention of the Ministry of Economy and Public Finance, will be empowered 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 shall have the power, in so far as the credit operations concerned are refined, to carry out the corresponding budgetary enlargements in order to enable them to be implemented.

ARTICLE 42. -During the financial year 2015, the suspension provided for in Article 1 of Decree 493 dated 20 April 2004.

ARTICLE 43. -Authorize the national executive branch, through the Ministry of Economy and Public Finance, to conduct public credit operations, when they exceed the financial year 2015, for the amounts, specifications, period and destination of detailed financing in the template annexed to this Article. The body 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 44. -It maintains the deferral of the payments of the public debt services of the national government provided for in Article 56 of Law 26,895, 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 45. -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 44 of this Law, in the terms of Article 65 of the Law on Financial Management and the Control Systems of the National Public Sector -24.156-and its modifications, and with the limits imposed by Law 26,886, the National Executive Branch being empowered 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 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 44 of this Law.

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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 46. -Authorize the national executive branch, through the Ministry of Economy and Public Finance, to negotiate the restructuring of the debts with official foreign creditors that the provinces entrust to it. In such cases, the national state may become the debtor or guarantor in respect of the aforementioned creditors in so far as the provincial jurisdiction assumes with the national state, the resulting debt in the terms in which the national executive branch, a through the Ministry of Economy and Public Finance, determine. For the purposes of the cancellation of the obligations assumed, the provincial jurisdictions shall strengthen such commitment to the co-participating tax resources.

ARTICLE 47. -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 detail of which is contained in the template annexed to this Article and up to the total amount of USD forty-seven thousand six hundred and twenty million (u 47,620,000,000), or its 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 organ 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 Chief of the Cabinet of Ministers, prior to the intervention of the Ministry of Economy and Public Finance, will be empowered 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 48. -the body responsible for the coordination of financial management systems to be provided with the national treasury by the 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 49. -Within the amount authorized for jurisdiction 90-Service of the Public Debt, the sum of pesos thirty million ($30,000,000) is included for the attention of the debts referred to in points (b) and (c) of article 7 ° of the law 23,982.

ARTICLE 50. -Set in pesos two thousand six hundred million ($2,600,000,000) the maximum amount of placement of consolidation bonds and consolidation bonds of pre-viewing debts, in all their existing series, for the payment of the obligations contemplated in 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 budget (t.o. 2014) for the amounts in each case indicate in the template annexed to this Article. The amounts indicated therein correspond to effective placement values.

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The Ministry of Economy and Public Finance will be able to make modifications within the total amount fixed in this article.

CHAPTER VIII

RELATIONS WITH THE PROVINCES

ARTICLE 51. -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 "Nation-Provinces Agreement" on Financial Relations and Bases of a Federal Tax Co-Participation, held between the national state, the provincial states and the Autonomous City of Buenos Aires on 27 February 2002, ratified by law 25,570, destined for the provinces that do not participate in the 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 52. -extend for the financial year 2015 the provisions contained in Articles 1 and 2 of Law 26,530. I invited the provinces to adhere to this extension.

ARTICLE 53. -extend the maximum period laid down in Article 3 of Law 25,917 until 31 December 2015.

ARTICLE 54. -establish that the resources existing at 31 December of the previous year corresponding to the fund established by Article 3 (d) of Law 23,548 which are assigned in accordance with the powers of the Ministry of the Interior and Transport and are intended for the partial cancellation of the debt of the Federal Debt Program, will be distributed as a financial application.

CHAPTER IX

OTHER PROVISIONS

ARTICLE 55. -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 2015 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 56. -Exempt from the tax established by the Law on Income Tax (t.o. 1997) and

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its modifications and the tax to the minimum profit presumed established by law 25.063 and its modifications to the Administration of Railway Infrastructures Society of the State (C.U.I.T.: 30-71069599-3), to the Operator Railway Society of the State (C.U.I.T.: 30-71068177-1) and Belgrano Cargas and Logistica Sociedad Anonima (C.U.I.T.: 30-71410144-3), provided that one hundred percent (100%) of the equity capital of such companies is owned by the State. Likewise, the payment of the debts, regardless of the state in which they are located, that have been generated until the date of entry into force of this law by the companies and in concept of the taxes mentioned in the paragraph precedent. The waiver reaches the capital owed, the interest and/or damages and/or the interest provided for in Article 168 of Law 11.683 (t.o. 1998) and its amendments, fines and other penalties relating to such charges.

ARTICLE 57. -exempt from the payment of import duties on imports for the consumption of rolling stock-locomotives, self-propelled units and towed material-of spare parts directly related to such goods and rails, destined for investment projects for the strengthening and improvement of the system of rail passenger and cargo transport, which are acquired by the national state, the provinces, the Government of the Autonomous City of Buenos Aires, the Management of Railway Infrastructure Society of the State (C.U.I.T.: 30- 71069599-3), the State Railway Operator Company (C.U.I.T.: 30-71068177-1) or Belgrano Cargas and Logistica Sociedad Anonima (C.U.I.T.: 30-71410144-3). Such imports shall also be exempt from the value added tax. The benefits here will be governed until 31 December 2016, inclusive. These exemptions will only apply if the goods are new and the domestic industry is not in a position to provide them.

ARTICLE 58. -extend the validity of the National Tourism Fund constituted by Article 24 of Law 25,997, for the term of ten (10) years, from 5 January 2015.

ARTICLE 59. -Delegate in the Chief of Cabinet of Ministers the faculty to create in the field of the Ministry of Health, as decentralized agencies to his position, to the National Cancer Institute and to the National Institute of Tropical Medicine, currently operate as de-concentrated bodies of that jurisdiction, pursuant to the provisions of Decree 1.286 dated 9 September 2010 and Decree 125 dated 8 February 2011, respectively, with the exception of those the scope of the provisions of Article 5 of Law 25.152 and its amendments.

ARTICLE 60. -Substitute Article 101 of Law 11.672-Permanent Supplementary of Budget (t.o. 2014) by the following: ' Article 101: The production of the sale of movable and immovable property located outside, belonging to the private domain of the Nation and assigned in use to the Ministry of Foreign Affairs and Cult will be affected to the acquisition, in the same field, of movable or immovable property and/or its construction and/or equipment. The Chief of the Cabinet of Ministers may be empowered to make the budgetary adjustments to this Article.

ARTICLE 61. -extend the provisions of Article 62 of Law No 26,784 for the financial year 2015.

ARTICLE 62. -Establishment that imports for the consumption of capital goods and their components included in projects and works of hydrocarbons and electrical energy, carried out by Energy

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Argentina Company Anonymous (ENARSA) (C.U.I.T.: 30-70909972-4), shall be exempt from the value added tax and import duties, to the extent that such imports have been entrusted by the national State or by the authority competent regulatory. These exemptions will only apply if the goods are new and the domestic industry is not in a position to provide them.

ARTICLE 63. -Eximese a la socia Agua y Saneaciones Argentinos Sociedad Ancionía (AySA S.A.) (C.U.I.T.: 30-70956507-5) on the payment of import duties on imports for the consumption of capital goods and their components for the Project Riachuelo System, South-South-South-South-Mediterranean Project, Project Extension Water Potabilizer Plant Manuel Belgrano, Project expansion of the measured service and/or other works of the Plan of Expansion, maintenance and improvements of the services of provision of drinking water and sewerage of cloacal liquids. The benefits here will be governed until 31 December 2016, inclusive. These exemptions will only apply if the goods are new and the domestic industry is not in a position to provide them.

ARTICLE 64. -Authorizase to start the process of contracting the "Works of Hydroelectric Infrastructure Chihuidos I, Portezuelo del Viento, Los Blancos, Punta Negra and Potrero del Clavillo". It also authorised the Head of the Cabinet of Ministers to make the necessary budgetary changes for the purpose of committing the implementation of the said projects and to promote their inclusion in the following financial years up to their completion.

ARTICLE 65. -Extend the validity of the Water Infrastructure Fund created by Law 26.181, until December 31, 2035.

ARTICLE 66. -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 the following, the period of execution of which exceeds the financial year 2015, within the scope of the Ministry of Foreign Affairs and Cult. Work called "Construction Cultural Center of Chile" for the amount of US dollars twelve million fifty-four thousand nine hundred and ninety-five (u 12,154,995). Work called "Integral Improvement of the Bermejo River Basin" for the amount of US dollars forty-five million five hundred and thirty thousand (u 45,530,000).

ARTICLE 67. -extend the provisions of Article 36 of the Law 26,895 for the financial year 2015.

ARTICLE 68. -the body responsible for the coordination of the financial management systems of the National Public Sector to carry out additional public credit operations to those authorized in Article 37 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. Bicentennial) for an amount of 15 billion pesos ($15,000,000,000), through the issuance of Treasury bills at two (2) years ' time, in terms and conditions set by the body responsible for the coordination of the 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 authorisation is made to be improved, to carry out the corresponding budgetary enlargements in order to enable the implementation of this authorisation.

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of the same.

ARTICLE 69. -Authorize the national executive branch to create and/or to constitute and/or participate in trusts with Reciprocal Guarantee Societies for the granting of guarantees for the facilitation of access to credit to the beneficiaries of the Federal Program Productive Conversion.

ARTICLE 70. -Condonase the payment of the debts in respect of the Tax on the Credits and Debits in Bank Accounts and Other Operatoria-whatever the state in which they are located-, which would have been generated until the date of entry into force of the this law, by the trusts constituted by a national, provincial, municipal and/or the Autonomous City of Buenos Aires agency as a trustee, and the Banco de la Nación Argentina as a trustee. The waiver reaches the capital owed, the interest and/or the damages and/or the provisions provided for in Article 168 of Law 11.683 (t.o. 1998) and its amendments, fines and other penalties relating to the charge, in any state that are found.

ARTICLE 71. -The Chief of the Cabinet of Ministers will 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 two hundred million pesos ($ 200,000,000) in favor of the Secretariat of Programming for the Prevention of Drug Addiction and the Fight against Drug Trafficking in order to strengthen the financing of the Integral Program of Care, Assistance and Integration of Persons with a problematic consumption of substances, and the sum of two hundred and forty million six hundred Seventy-eight thousand ($240,678,000) to the Ministry of Health with the aim of adapting the transfers in favor of the Hospital of Pediatrics Dr. Juan P. Garrahan.

CHAPTER X

OF THE PERMANENT SUPPLEMENTARY BUDGET ACT

ARTICLE 72. -Incorporate into Law 11,672, Permanent Supplementary of Budget (t.o. 2014) Articles 54 and 56 of this Law.

TITLE II

BUDGET FOR EXPENDITURE AND RESOURCES OF THE CENTRAL GOVERNMENT

ARTICLE 73. -Detailed in summary sheets 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 74. -Detailed in the summary sheets 1A, 2A, 3A, 4A, 5A, 6A, 7A, 8A and 9A annexed to the

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This Title shall include the amounts determined in Articles 1, 2, 3 and 4 of this Law which correspond to the decentralised bodies.

ARTICLE 75. -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 the Social Security.

ARTICLE 76. -Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE THIRTY DAYS OF OCTOBER OF THE YEAR TWO THOUSAND FOURTEEN.

-REGISTERED UNDER NO. 27,008-

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

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

Date of publication: 18/11/2014

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