The Law appoints the Ministry of Economy as the enforcement authority and authorizes the same to carry out transactions relating to the administration of the debt, exchanges and restructuring of interest and principal of public debt issued under foreign law.
To achieve this objective, the Law authorizes the Ministry of Economy to:
a. Recognize the jurisdiction in favor of foreign courts.
b. Waive the right to assert the defense of sovereign immunity, except for the assets protected by any applicable sovereign immunity law (e.g., Central Bank reserves, goods protected by the Vienna Convention on Diplomatic Relations of 1961, military equipment, among others).
c. Issue new public debt and determine the maturity, methods and procedures for the issuance.
d. Appoint institutions and/or financial advisors to act: (i) in the coordination of the structuring, (ii) as placement agents and/or (iii) in the administration of the debt management and/or issuance of new securities.
The transactions included in the Law shall be exempt from the payment of all taxes, including the value added tax, national taxes and contributions exiting and/or to be created in the future.