Aug 4 (Reuters) - Argentina's government agreed with Qatar a $775 million loan to use to make an International Monetary Fund (IMF) repayment due this Friday. The loan is to be repaid in 32 days and any default will be judged in Britain.
Argentina is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves and is facing IMF repayments.
The Qatar loan will have the IMF's variable interest rate applicable to SDRs (IMF currency), which is currently 4.033% per annum. The funds will "fund the payment of Argentina's maturity with the IMF (for charges and surcharges) on August 4, 2023." The repayment will be made with a $1 billion bridge loan from the regional development bank CAF and $1.7 billion from the second tranche of a swap with China.
I know that Argentina is broke but asking for a short-term shark-loan from an Arab usurer is the road to debt-slavery. It will lose its independence and be sucked dry by those well-known Arab slave merchants.
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