Argentina pays debts to the IMF in yuan not in dollars

For the first time, it satisfied a payment obligation with the International Monetary Fund (IMF) in Chinese yuan equivalent to one billion US dollars, with an additional US$1.7 billion disbursed in Special Drawing Rights, considering the currency of the IMF as a reserve asset.

Argentina, against the background of problems with international reserves, has paid off its debt to the IMF in yuan, writes the newspaper La Nación. The government today made a $2.7 billion payment using yuan and special drawing rights. An Argentine delegation is expected to travel to the United States next week to continue negotiations.

In June 2018, the IMF approved a $50 billion loan to Argentina. This was supposed to help reduce the budget deficit against the backdrop of rising inflation. In October of that year, the fund agreed to increase the funding program to $56.3 billion. But in 2021 the amount was reduced to 44 billion.