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IMF Disbursement May Be Used To Pay Back Part of Currency Swap With China

ARGENTINA
  • Reuters is reporting that Argentina plans to tap the $7.5 billion disbursement from the IMF to repay China part of the money it borrowed through a currency swap line, two sources with direct knowledge of the matter said on Wednesday.
  • The report continues:
  • "With no liquid international reserves, Argentina is expected to send back as soon as this week the $1.7 billion it used from the swap in July to the People's Bank of China (PBOC), one person said, asking not to be named because the details of the agreement are private. Buenos Aires is not bound to immediately repay the yuan it has previously used in June, the source added."
  • "The plans shed some light on the crucial bridge loan that China extended to Buenos Aires via a currency line established with Argentina more than a decade ago, whose details have remained largely secret."
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