Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 48

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 48
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 disbursements conditioned to the fulfillment
of fiscal and monetary goals. In this context, the government of Javier Milei, which took office in December 2023, has continued with
debt negotiations and payments, including a repayment of U. S.$900 million to the IMF and the approval of the eighth revision of the agreement
with the IMF in June 2024, which allowed for new disbursements of U. S.$800 million, and U. S.$640 million. On April 8, 2025 the IMF and
the Argentine Government reached a staff-level agreement on a comprehensive economic program that could be supported by a 48-month arrangement
under the Extended Fund Facility (EFF) totaling U. S.$ 20 billion. The IMF’s Executive Board approved the arrangement on April 11,
2025 with an immediate disbursement of U. S.$ 12 billion, and a first review planned for June 2025 with an associated disbursement of about
U. S.$ 2 billion.

The lack of foreign investment
and adequate financing hinders sustainable growth, which could aggravate fiscal problems and increase inflation. The difficulty in sustaining
growth with price stability could lead to a new episode of economic instability, affecting both public finances and the private sector.

For private sector actors, such
as us, this scenario represents higher financing costs, restrictions on access to credit and risks derived from macroeconomic volatility.
Uncertainty about the government's ability to implement effective policies casts doubt on the stability of the business environment, affecting
the private sectors’ planning and growth perspectives.

Argentine corporations may
be restricted from making payments in foreign currencies or from importing certain products

Exchange controls could adversely
affect our financial condition or results of operations and our ability to meet our foreign currency obligations and execute our financing
plans.

Despite the elimination of restrictions
on accessing the foreign exchange market for individuals, certain restrictions in Argentina still persist for corporations. See“ Item
10. Additional Information. Exchange Controls”. These restrictions affect corporations’ ability to access the MLC to acquire
foreign currency to transfer funds to other countries, service debt, make payments outside Argentina and other operations which require,
in some cases, prior approval by the Central Bank. These restrictions may affect our operations and our expansions projects, as they require
the import of services and goods for which payment may be restricted. The Argentine Government may impose or create further restrictions
on the access to the MLC. In such a case, the ability of Argentine corporations to make