In force since Dec 23, 2025
Neuquén's 2026 Budget: surplus, royalties as an anchor and falling debt
Ley provincial 3552 (enacted 12/11/2025)
in forcePROVINCIAL
Fiscal and monetary anchor
Ley 3552 sets Neuquén's 2026 spending at $7.44 trillion against $7.57 trillion in revenue: a projected financial surplus of $132,327 M.
The other rules on this subject23
Fiscal Package: asset amnesty, moratorium and tax cutsLey 27.743 (Official Gazette Jul 8, 2024)in force
Fiscal anchor: surplus two years in a rowExecutive execution policy on the extended budget (Decreto 1131/2024)in force
Payment to the creditors who stayed out of the swap: closing the 2001-default lawsuitsLey 27.818 (promulgated by Decreto 564/2026, Official Gazette Jul 1, 2026)in force
What changed and who it applies to
What changed
Neuquén approved its 2026 Budget: Art. 1 sets the Provincial Administration's total expenditures at $7,440,756,391,052 (~$7.44 trillion) and Art. 2 estimates current and capital resources at $7,573,083,939,705 (~$7.57 trillion), yielding a projected positive financial result of ~$132,327 million (surplus). Spending composition by purpose (consolidated): Social services $3.97 T, Economic services $1.06 T, Government administration $1.70 T, Security $590,761 M, Public debt $125,195 M; capital expenditures total $1.166 T. Resources and debt regime: Art. 27 sets the authorized use of credit for 2026 at $855,829,375,994; Art. 31/32 empowers pledging as guarantee, assigning in payment or in fiduciary ownership the hydroelectric, oil and gas royalties, the extraordinary production fee and Federal Revenue-Sharing to instrument the debt. Art. 34 extends the credit-use authorization of Ley 3481 (2025 Budget) to operate with Banco Provincia del Neuquén for up to $40,000 million. Anticyclical funds: Art. 42 authorizes allocating funds from Art. 2 of Ley 3269 (FEDEN - Neuquén Stabilization and Development Fund) to public works; Art. 43 enables using up to the entire Anticyclical Subfund (Ley 3269) for 2026 debt maturities; Art. 46 suspends Ley 3391 (FEPN) for 2026. Passed on 12/11/2025, promulgated on 12/23/2025 by DECTO-2025-1735; the promulgated text does not state the day of publication in the Official Gazette. verif Dec 23, 2025 ↗
In force
Fiscal Year 2026 (in force from January 1, 2026; passed on 12/11/2025 and promulgated on 12/23/2025; the promulgated text does not state the day of publication in the Official Gazette). prob Dec 23, 2025 ↗
Who it applies to
The entire Neuquén provincial public administration and, indirectly, every economic agent and investor with exposure to the province: the budget sets the framework of spending, resources, public works and borrowing of Vaca Muerta's main district. It projects a financial surplus of $132,327 million and authorizes guaranteeing the debt with hydroelectric, oil and gas royalties, the extraordinary production fee and revenue-sharing verif. For the satellite-ecosystem investor, provincial solvency is a subnational risk variable: it conditions local fiscal predictability (rate stability, capacity to honor commitments, continuity of the public works that drive service demand) thesis. prob Dec 23, 2025 ↗
The norm
Ley provincial 3552, «Presupuesto General de la Administración Provincial para el Ejercicio Financiero 2026» (the 2026 provincial budget, 50 articles), passed by the Legislatura del Neuquén on December 11, 2025 and promulgated on December 23, 2025 (DECTO-2025-1735-E-NEU-GPN); the promulgated text does not state the day of publication in the Official Gazette. It extends and articulates earlier rules: Ley 3481 (2025 Budget, use of credit with Banco Provincia del Neuquén), Ley 3269 (FEDEN and Anticyclical Subfund) and Ley 3391 (FEPN, suspended for 2026) verif. As a borrowing antecedent, Ley 3434 of 2024, which 3552 does not cite, authorized public credit operations for up to USD 500 million (up to USD 350 million for public works and USD 150 million to amortize debt), with securities of up to 15 years verif. verif Dec 23, 2025 ↗
Our reading
Neuquén reaches the Vaca Muerta boom with the accounts in order thesis: a 2026 budget with a projected financial surplus of $132,327 million and $1.17 trillion in capital expenditures verif (a demand engine of the satellite ecosystem). Hydrocarbon royalties are the anchor -they sustain resources and back the debt as guarantee-, which gives the province fiscal discipline and credit access without depending on national transfers. It is the other, provincial face of Milei's fiscal anchor: a solvent district, with clear rules, is firm ground to plug into the boom. thesis
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Where it lands, province by province1
Neuquén 2026 Budget (~$7.5T revenue / $7.4T spending), a spending ceiling and resources regime; it uses the Neuquén Stabilization and Development Fund (FEDEN, Ley 3269), suspends the FEPN for 2026 and allows guaranteeing the debt with royalties. As a separate antecedent, which 3552 does not cite, Ley 3434 authorized debt of up to USD 500M. favorable thesis
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Analysis and curation: Ignacio Aredez
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verif primary source · prob primary source pending · unconf a source said it · estim our own calculation · thesis our reading · the date belongs to the datum, at the precision its source allows