Investor Presentaiton
AES ARGENTINA
EXTERNAL ENVIRONMENT
POLITICAL & ECONOMIC CONTEXT=
COUNTRY'S
SCENARIO
POLITICAL
CONTEXT
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The GoA has limited maneuver for the future years given several macro challenges, such as fiscal
deficit, Central Bank available net reserves, currency restrictions, high inflation, among others under a
complex social situation and with the threat of a 4th COVID-19 wave.
The Nov 21 elections and the IMF agreement broke the ruling coalition, which is going through a deep
internal crisis that paralyzes the administration in many aspects. The fragile political situation and its
consequent social impact raise the probability of a change in the ideological and
political/economic model with presidential elections at the end of 2023.
KEY MACRO -
INDICATORS (*)
AES Proprietary & Confidential/Not for Distribution
2021:
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Inflation FYF: 50.8%
ARS $ Depreciation FYF: 22%
Primary Fiscal Result FYF: - 3.2% of
GDP
2022(*):
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Inflation 67%
ARS $ Depreciation: 60%(**)
Annual GDP: +2%
Current Country Risk (EMBI+) at
~1,900 bps
(*) Apr-2022 Macroview Consultant
15
aes
(**) Macroview: FX dec-22: 165 ARS$/USDView entire presentation