Argentina makes IMF loan repayment partly with yuan
Argentina on Friday made a 2.7 billion USD loan repayment to the International Monetary Fund partly using Chinese yuan, the country's economy ministry said, The Business Standard reported, citing AFP.
Argentina makes IMF loan repayment partly with yuan
The Economics of Geography

Argentina makes IMF loan repayment partly with yuan

Photo: iStock
Eurasia 03/07/2023 08:39

Argentina on Friday made a 2.7 billion USD loan repayment to the International Monetary Fund partly using Chinese yuan, the country's economy ministry said, The Business Standard reported, citing AFP.

To avoid dipping into its limited foreign currency reserves, the country also used so-called Special Drawing Rights -- an asset created by the IMF to supplement countries' official reserves -- for part of the payment due, according to the article.

Government spokeswoman Gabriela Cerruti told reporters Thursday the payment would be made "partly with Special Drawing Rights of the Treasury and partly with yuan, without using Central Bank reserves."

Argentina reached a deal with the IMF last year to restructure a loan of $44 billion -- the legacy of a record loan contracted in 2018 under former president Mauricio Macri.

In April, the South American country announced it would use yuan to pay for Chinese imports instead of US dollars in order to preserve its reserves following a currency swap agreement with Beijing, AFP reported.


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