LONDON -Argentina plans to tap a $7.5-billion disbursement from the International Monetary Fund 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.
Latin America’s third-largesteconomyrecently used $2.8 billion equivalent of yuan to cover just over half of two repayments from a 2018 IMF loan, in order to avoid a default to the multilateral lender.
With net negative foreign exchange reserves of over $8 billion, 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 becau…
Keep on reading: Argentina to use IMF money to repay part of currency swap with China -sources
