First modification:
In the first credit operation between the two countries, Doha lent Buenos Aires 775 million dollars, equivalent to what the South American country must pay to the international lender this Friday, August 4. The Argentine Economy Minister, Sergio Massa, expects to pay the Arab country later, when the IMF grants it a disbursement of 7.5 billion dollars in November 2023, corresponding to the fifth and sixth review of the program with the international entity.
Argentina will pay a debt maturity with the International Monetary Fund (IMF) thanks to the granting of a special drawing rights loan granted by Qatar for the equivalent of 770 million dollars, according to official sources announced this Friday.
“For the first time in history, Qatar carries out a credit operation with Argentina. Qatar lends the special drawing rights (DEGS) so that Argentina pays the IMF without touching its reserves,” the sources reported.
According to a decree signed by Argentine President Alberto Fernández, and published this Friday in the Official Gazette, the facility agreement sealed with Qatar establishes a loan for Argentina for 580 million DEGS (accounting value for international reserves applied by the IMF), which is equivalent to about 770 million dollars, at the conversion rate of this Friday set by the international organization.
The agreement was negotiated by the Argentine Economy Minister and presidential candidate, Sergio Massa, with the Qatari economic team “in the most absolute secrecy,” according to Argentine government sources.
Argentina had to face this Friday an interest maturity with the IMF for some 750 million dollars.
Already last Monday he had to use yuan and funds from a CAF-Development Bank of Latin America loan to face a maturity with the Fund for 2,700 million dollars.
The South American country, which in March 2022 signed an agreement with the IMF to refinance debts for some 45,000 million dollars, suffers severe macroeconomic imbalances, including a meager level of monetary reserves, fiscal deficit and very high inflation.
with EFE
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