Argentina will send a delegation next week to Washington to try to finalize the renegotiation of its $44 billion loan with the International Monetary Fund (IMF), according to “Reuters.”
Argentina plans to change the payment schedule for the rest of the year amid rising inflation, a weak peso, a historic drought that has hampered agricultural exports, and shrinking central bank dollar reserves.
The IMF said current discussions focus on supporting reserve buildup and improving financial stability “while acknowledging the impact of drought.”
In June, Argentina had to repay a $2.7 billion debt to the International Monetary Fund using its last reserves of Special Drawing Rights and swap the currency into Chinese yuan so as not to dilute its US dollar reserves.
Argentina delayed repaying its $2.6 billion in loans for July until the end of the month, which includes $1.3 billion due on Friday.
