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The next payment on Argentina's debt to the International Monetary Fund (IMF) will be made with yuan from the currency swap offered by China, said Sergio Massa, the country's minister of economy.
"The People's Bank of China and the Chinese government have decided to expand the use of the second part of the swap, allowing us to transfer $1.7 billion of the $2.7 billion we must pay today in yuan directly from the IMF swap account," the minister stated.
According to Massa, Argentina is also using the $1 billion in funding provided by the Andean Development Corporation to pay off its debt. The minister declared, "We are not deducting a dollar from our reserves to pay."
Argentine President Alberto Fernandez struck a deal with the IMF to refinance $44 billion in debt at the end of January last year.
source: reuters.com
"The People's Bank of China and the Chinese government have decided to expand the use of the second part of the swap, allowing us to transfer $1.7 billion of the $2.7 billion we must pay today in yuan directly from the IMF swap account," the minister stated.
According to Massa, Argentina is also using the $1 billion in funding provided by the Andean Development Corporation to pay off its debt. The minister declared, "We are not deducting a dollar from our reserves to pay."
Argentine President Alberto Fernandez struck a deal with the IMF to refinance $44 billion in debt at the end of January last year.
source: reuters.com