Economy minister Sergio Massa announced Monday morning that Argentina will meet its July dues to the International Monetary Fund (IMF) by extending its currency swap with China and using a loan from the Development Bank of Latin America. Earlier on Friday, the IMF and Argentina reached a staff-level agreement granting the country access to a US$7.5 billion disbursement in the second half of August. The country has to pay the IMF US$2.7 billion after postponing all three of its July payments to the last day of the month. “The loan from the IMF is probably the worst inheritance from the previous government. According to the minister, that loan “ended up being a program that just financed capital flight in 2018, but Argentina must pay it to be a sovereign country again.”

Source: Bueno Aires Herald August 01, 2023 02:49 UTC