In the early hours of Thursday, the Buenos Aires Province Legislature approved the Financing Law, authorizing Governor Axel Kicillof to take on debt of USD 3.685 billion to meet payment obligations, fund projects, and cover current expenditures. The bill, passed after a session lasting over 14 hours, empowers the provincial executive to refinance USD 1.990 billion in liabilities, conduct USD 1.045 billion operations in the public sector, and provide funds to state-owned enterprises like AUBASA and Buenos Aires Energía. The law was passed in the Chamber of Deputies at 1:30 AM on December 4, 2025, with 62 affirmative votes, just one more than the minimum required, and was enacted into law minutes later in the Senate with 31 votes in favor, following intense negotiations between the ruling party and opposition blocs. The legislative consensus was reached after the inclusion of an emergency fund of ARS 350 billion for the 135 municipalities of Buenos Aires Province, to be distributed in five installments, as well as the allocation of positions in Banco Provincia and key institutions. The negotiation over the positions at Banco Provincia was what broke the deadlock.
The law is part of the 2026 economic package, alongside the already-passed ARS 41.5 trillion budget and the Tax Law, and is considered crucial by the governor to avoid a provincial default without affecting health or education budgets. Kicillof will now need the national government's approval to issue debt on international markets, in a context of fiscal constraints and just days before the legislative turnover on December 10, which will alter the balance of power in the Legislature.
During the session, moments of tension were recorded, such as the attempt by the mayor of San Nicolás, Santiago Passaglia, to reclaim his seat to vote against the bill, which led to a prolonged recess. The Buenos Aires Unity Teachers' Front (FUDB) backed the debt deal after commitments from the executive to advance in collective bargaining negotiations, while PRO voted divided: it supported the rollover but rejected the general debt issuance.
New general education counselors were also appointed, and vacancies in the Appeals Tax Court were filled, with positions allocated to sectors of Peronism, Radicalism, Massismo, PRO, and La Libertad Avanza. The new directors appointed were Javier Osuna and Sergio Bordoni (both from Massismo), Carlos “Cuto” Moreno, Julio Pereyra, Alejandro Formento, and Carlos Orsingher (aligned with Kicillof's faction), Rodrigo Rodríguez and Laura González (from La Cámpora), and Gabriela Demaría (aligned with Martín Insaurralde).
