UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 18-K
For Foreign Governments and Political Subdivisions Thereof
ANNUAL REPORT
of
THE REPUBLIC OF ARGENTINA
(Name of Registrant)
Date of end of last fiscal year: December 31, 2010
SECURITIES REGISTERED*
(As of the close of the fiscal year)
Title of Issue
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Amount as to which registration is effective
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Names of exchanges on
which registered
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N/A
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N/A
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N/A
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Name and address of person authorized to receive notices and communications from
the Securities and Exchange Commission:
Hernán Lorenzino
Office of the Financial Representative of Argentina
1800 K Street, N.W., Suite 924
Washington, D.C. 20006
Copies to:
Carmen Amalia Corrales
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
*The Registrant is filing this annual report on a voluntary basis.
ITEM 1.
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In respect of each issue of securities of the registrant registered, a brief statement as to:
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(a)
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The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.
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Not applicable.
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(b)
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The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.
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Reference is made to pages 140 through 155 of Exhibit D.
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(c)
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The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.
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Not applicable.
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ITEM 2.
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A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:
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(a)
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Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in a foreign currency it should not be included under this paragraph (a), but under paragraph (b) of this item.)
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Reference is made to pages 140 through 181 of Exhibit D and to Exhibit E.
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(b)
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External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)
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Reference is made to pages 140 through 181 of Exhibit D and to Exhibit E.
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ITEM 3.
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A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.
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Reference is made to pages 140 through 181 of Exhibit D and to Exhibit E.
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ITEM 4.
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(a)
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As to each issue of securities of the registrant which is registered, there should be furnished a breakdown of the total amount outstanding, as shown in Item 3, into the following:
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(1)
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Total amount held by or for the account of the registrant.
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Not applicable.
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(2)
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Total estimated amount held by nationals of the registrant (or if registrant is other than a national government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.
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Not practicable.
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(3)
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Total amount otherwise outstanding.
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Not applicable.
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2
(b)
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If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed by the registrant to reacquire such securities.
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Not applicable.
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ITEM 5.
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A statement as of the close of the last fiscal year of the registrant giving the estimated total of:
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(a)
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Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)
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Reference is made to pages 140 through 181 of Exhibit D and to Exhibit E.
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(b)
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External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which payable.)
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Reference is made to pages 140 through 181 of Exhibit D and to Exhibit E.
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ITEM 6.
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Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicatedseparately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.
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Reference is made to pages 108 through 139 of Exhibit D.
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ITEM 7.
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(a)
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If any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe such foreign exchange control.
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Reference is made to pages 89 through 91 of Exhibit D.
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(b)
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If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.
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Reference is made to pages 89 through 91 of Exhibit D.
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ITEM 8.
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Brief statements as of a date reasonably close to the date of the filing of this report (indicating such date) in respect of the note issue and gold reserves of the central bank of issue of the registrant, and of any further gold stocks held by the registrant.
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Reference is made to pages 87 through 89 of Exhibit D.
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ITEM 9.
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Statements of imports and exports of merchandise for each year ended since the close of the latest year for which such information was previously reported. Such statements should be reasonably itemized so far as practicable as to commodities and as to countries. They should be set forth in terms of value and of weight or quantity; if statistics have been established only in terms of value, such will suffice.
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Reference is made to pages 61 through 80 of Exhibit D.
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ITEM 10.
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The balances of international payments of the registrant for each year ended since the close of the latest year for which such information was previously reported. The statements of such balances should conform, if possible, to the nomenclature and form used in the “Statistical Handbook of the League of Nations.” (These statements need be furnished only if the registrant has published balances of international payments).
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Reference is made to pages 61 through 74 of Exhibit D.
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3
This annual report on Form 18-K for the fiscal year ended December 31, 2010 (the “Annual Report”) comprises:
(a)
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Pages numbered 1 to 4 consecutively.
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(b)
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The following exhibits:
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Exhibit A:
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None.
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Exhibit B:
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None.
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Exhibit C:
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Decree No. 2,053 dated December 22, 2010 and Decree No. 2,054 dated December 22, 2010 *
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Exhibit D:
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Current Republic of Argentina Description.
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Exhibit E:
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Debt Tables as of December 31, 2010.
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This Annual Report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions thereof.
* By December 2010, Congress had neither approved nor rejected the proposed 2011 budget, therefore, based on the Financial Administration Law, on December 22, 2010, the President issued a decree establishing that the 2010 budget would be used for 2011 (Decree No. 2,053) and an emergency decree including adjustments to the 2010 budget for 2011 (Decree No. 2,054).
The National Administration General Budget Law for 2010 of the Registrant was filed as Exhibit C to the Registrant’s Annual Report on Form 18-K for the year ended December 31, 2009 (File No. 033-70734), dated September 30, 2010 and is incorporated herein by reference.
4
SIGNATURE PAGE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant, the Republic of Argentina, has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Buenos Aires, Argentina on the 30th day of September 2011.
By:
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/s/ Adrián E. Cosentino
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Name: Adrián E. Cosentino
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Title: Undersecretary of Finance of the Ministry of
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Economy and Public Finance of the Republic
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of Argentina
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EXHIBIT D
TABLE OF CONTENTS
Page
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CERTAIN DEFINED TERMS AND CONVENTIONS
| 1 | |||
DATA DISSEMINATION
| 9 | |||
FORWARD-LOOKING STATEMENTS
| 10 | |||
SUMMARY
| 11 | |||
THE REPUBLIC OF ARGENTINA
| 20 | |||
THE ARGENTINE ECONOMY
| 27 | |||
FOREIGN TRADE AND BALANCE OF PAYMENTS
| 61 | |||
MONETARY SYSTEM
| 85 | |||
PUBLIC SECTOR FINANCES
| 108 | |||
PUBLIC SECTOR DEBT
| 140 | |||
i
CERTAIN DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this annual report to the “Government” are to the non-financial sector of the federal government of Argentina, excluding the Central Bank of Argentina (to which we refer as the “Central Bank”).
The terms set forth below have the following meanings for the purposes of this annual report:
·
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Gross domestic product, or “GDP,” means the total value of final products and services produced in Argentina during the relevant period.
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·
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Imports are calculated based upon (i) for purposes of foreign trade, statistics reported to Argentine customs upon entry of goods into Argentina on a cost, insurance and freight included basis, or “CIF basis” and (ii) for purposes of the balance of payments accounts, statistics collected on a free on board, or “FOB basis,” at a given departure location.
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·
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Exports are calculated based upon (i) for purposes of foreign trade, statistics reported to Argentine customs upon departure of goods from Argentina on a FOB basis and (ii) for purposes of the balance of payments accounts, statistics collected on a FOB basis.
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·
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The rate of inflation or inflation rate provides an aggregate measure of the rate of change in the prices of goods and services in the economy. The inflation rate is generally measured by the rate of change in the consumer price index, or “CPI,” between two periods unless otherwise specified. The annual rate of change in the CPI as of a particular date is calculated by comparing the index as of that date against the index as of the date 12 months prior. The CPI is calculated on a weighted basket of consumer goods and services that reflects the pattern of household consumption in the city of Buenos Aires and 24 districts in the greater Buenos Aires area, using a monthly averaging method. The Government also compiles statistics on the wholesale price index, or “WPI.” The annual rate of change in the WPI as of a particular date is calculated by comparing the index as of that date against the index as of the date 12 months prior. The WPI is based on a basket of goods that reflects variations in factory or arrival point prices of producers or importers. The CPI measures changes in the price level of goods and services to the final consumer. The CPI can only track price variations in a given basket of goods and services that are representative of consumption in a given area at a given time. For that reason, it cannot be compared to a cost of living index because it does not take into account changes in consumer preferences.
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It should be noted that the inflation data set forth herein is based on data published by the Instituto Nacional de Estadísticas y Censos, or “INDEC.” By statute, INDEC is the only institution in Argentina with the power to produce official nationwide statistics. We believe INDEC is the only organization with the operational resources to cover large territories and broad volumes of data. In May 2008, INDEC updated its base year for calculating the CPI from 1999 to April 2008. This update resulted in changes to the goods and services basket, an update of the relative weights of each such good and service, and the introduction of special baskets for items subject to seasonality, such as fruits, vegetables and clothing. Accordingly, beginning on such date, inflation data has been compiled using an updated methodology, as discussed under “—Presentation of Financial Information” and “Monetary System—Inflation.”
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The base year for the WPI is 1993. Among the many methodological differences between the WPI and the CPI, the WPI does not include any services within its basket, it measures prices on a national level, and it covers goods that include imports.
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