During the two terms of Cristina Fernández de Kirchner, the debt under this methodology increased by USD 101.9 billion.
Argentina's public debt fell from 99.4% of GDP to 39.1% since Javier Milei took office.
Javier Milei's administration has managed to pulverize the weight of the net public debt, reducing it by 60 percentage points.
During the two terms of Cristina Fernández de Kirchner, the debt under this methodology increased by USD 101.9 billion.
The period of Mauricio Macri recorded an increase of USD 32.54 billion.
The management of Alberto Fernández marked the negative record in Argentine history with a staggering increase of USD 164.878 billion, driven by absolute control over issuance.
In contrast, the Milei era already records an approximate decrease of USD 35 billion if net reserves are included and the public sector is excluded. Although some sectors attempt to initiate a technical debate about the total gross debt —which exceeds 77% of GDP when including intra-state liabilities with ANSES or other entities—, the reality of the market focuses on net debt, which truly measures country risk.
The decline in the debt-product ratio has also been favored by the appreciation of GDP at the official exchange rate, a clear signal of the recovery of our economy's value.
The Argentine Republic is immersed in the fastest and most decisive debt reduction process in its recent history. After decades of financial mismanagement that seemed terminal, the economic team of President Javier Milei has achieved a technical feat: the consolidated net debt held by private entities and external organizations has experienced a drastic drop, going from a burdensome 99.4% of GDP at the end of 2023 to a healthy 39.1% in April 2026.
This reduction of 60 percentage points in the debt/GDP ratio is the direct result of a policy of "Zero Deficit" and an unrestricted defense of the fiscal surplus, pillars that have restored predictability to the nation.
This resounding success is based on the cleaning up of the balance sheet of the Central Bank of the Argentine Republic (BCRA) and the elimination of monetary issuance to finance the Treasury. According to the official methodology that includes remunerated liabilities in pesos of the BCRA and discounts the Treasury deposits, between November 2023 and September 2025, the debt contracted by USD 27.486 billion.
The management of Santiago Bausili at the head of the monetary authority has been key, achieving a reduction of liabilities close to USD 56 billion, which more than compensated for any nominal variation.
When analyzing historical performance, the comparison is devastating for previous administrations: