UPDATE 2-Argentina's 2012 budget bill sees more reserves use

martes 20 de septiembre de 2011 00:24 ART

(Adds details on amount of reserves earmarked)

* Budget bill sees gov't using up to $5.674 billion

* Growth estimated at slower 5.1 pct vs 8.3 pct 2011

* Primary budget surplus seen rising to 2.22 pct/GDP

BUENOS AIRES, Sept 19 (Reuters) - Argentina's government plans to continue tapping billions of dollars from the central bank's foreign currency reserves to pay debt for a third year in 2012, the budget bill showed on Monday.

The center-left government, which submitted its budget plan to Congress last week, expects continued use of reserves even as "excess" reserves shrink and concerns over the global economic outlook intensify. For details, see

Next year's budget bill, a copy of which was obtained by Reuters, said the government would tap up to $5.674 billion from the central bank in order to meet debt repayments to private creditors.

"As a way to guarantee the state's ability to meet its debt obligations even in adverse circumstances ... continued use of the (reserves) is forecast," the bill said.

It defended the reserves fund as a way to avoid the use of alternative financing sources "that imply a degree of reduction in the freedom of the nation's economic policy."   Continuación...