Argentina’s government announced it will pay the International Monetary Fund (IMF) a maturity of US$775 million for the first time through a loan from Qatar.
The credit operation would allow Qatar to lend Argentina Special Drawing Rights (SDRs, money that countries reserve in the IMF) for the equivalent of US$775 million, according to a source at the Ministry of Economy.
“It is the first time in history that Qatar has carried out a credit operation with Argentina. This would allow the South American country to pay the maturity without using reserves,” the source added.
The credit was negotiated “in absolute secrecy” by Argentine Economy Minister Sergio Massa with Qatar’s economic team. Argentina is seeking to prevent a new flight of dollars from its battered international reserves.
