Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 6

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 3
Chunk 6
---
”) and the Argentine System of Imports and Foreign Payments of Services (“SIRASE”), an import licensing and approval system created to preserve hard currency reserves within the BCRA. All products and services were under the scope of the SIRA framework, which required Argentine importers to submit a SIRA or SIRASE request for all imports before shipping products or contracting services from abroad. The implementation of this system ultimately generated major import approval delays and barriers to foreign exchange availability for Argentine companies during 2023 and, because of the inability for companies to access the MULC, this was the only time in recent years when many Argentine companies had to extend or renegotiate their commercial debts with foreign suppliers.
Due to this situation, in 2023, we were unable to access the MULC to meet most of our foreign currency obligations for imports of goods and services essential to our operations, leading to the accumulation of commercial debt. If past due, this additional commercial debt was treated as financial debt for purposes of calculating the Company’s financial ratios, in accordance with the definitions incorporated in some of our debt contracts.
On December 26, 2023, the Milei administration issued General Joint Resolution No. 5,466/2023, establishing a new Statistical System for Imports (SEDI) and repealing the previous framework under General Resolution No. 5,271/2022. As of the date of this Annual Report, the accumulated commercial debt from 2023 has been settled.
​

​
​

PART I - ITEM 3 KEY INFORMATION   TELECOM ARGENTINA S.A.
--------------------------------------------------------

The Milei administration implemented policies aimed at modifying Argentina’s macroeconomic conditions, such as reducing the fiscal deficit, reforming the National State, privatizing public companies and rationalizing the current spending of the national administration. These measures and any future measures may generate volatility in economic and financial conditions. To address the issue of increasing commercial debts, under the Milei administration, the BCRA has been offering U.S. dollar-denominated securities (BOPREAL, standing for Bond for the Reconstruction of a Free Argentina in Spanish), which can only be subscribed by importers with overdue debts for goods with customs registration and/or services rendered until December 12, 2023. As an alternative, BOPREALs may have been used for easier access to foreign currency, whether through the collection of interest or principal upon maturity, or through the sale of the bonds in the secondary market in exchange for dollars paid abroad. Importers of goods and services may not