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ECONOMY | 04-02-2022 23:20

Argentina's government pays IMF US$370 million in debt interest

Argentina on Friday paid US$370 million to the IMF as interest on a US$44-billion debt that was rescheduled late last month, officials said. 

Argentina on Friday paid US$370 million to the IMF as interest on a US$44-billion debt that was rescheduled late last month, officials said. 

The Central Bank's bulletin showed international reserves of US$37.18 billion at the end of the day, a difference from the day before corresponding to the amount paid out Friday. 

"The interest payment is about 370 million dollars," a source told AFP.

The disbursement was noticed at the end of the day in the Central Bank's total international reserves, which fell to US$37.189 billion. 

It was the second payment of the year by Argentina, after a transfer of approximately US$730 million last Friday, the day that the rescheduling announcement was announced. 

Argentina and the IMF announced a week ago an agreement in principle on a renegotiation of the country's US$44-billion debt in return for economic reforms. 

Under the new deal, Argentina has committed to progressively reducing its fiscal deficit from three percent of GDP in 2021 to 0.9 percent in 2024.

The gradual reduction – to 2.5 percent in 2022 and 1.9 percent in 2023 – would "not prevent the recovery" of the economy, Economy Minister Martín Guzmán said last week.

 

– TIMES/AFP

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