Argentina uses $775m Qatar loan to repay IMF

BUENOS AIRES, Aug 05 (AFP): The Argentine government said Friday it will use a loan from Qatar amounting to $775 million to make a payment to the International Monetary Fund as it awaits approval of a disbursement from the IMF for $7.5 billion.
The credit operation would allow Qatar to lend Argentina Special Drawing Rights (SDRs, or money that countries reserve in the IMF) for the equivalent of $775 million.
"It is the first time in history that Qatar has carried out a credit operation with Argentina," said the source, on condition of anonymity, adding that this will allow the South American country to pay the maturity "without using reserves."
The credit was negotiated by Argentine Economy Minister Sergio Massa with the Qatari economic team "in absolute secrecy."
Argentina is seeking to avoid a new drain of dollars from its depressed international reserves. The Qatari loan will be applied Friday to the payment to the IMF on interest that is due.
The loan with the IMF was taken by Argentina under the government of Mauricio Macri as an agreement for $57 billion dollars.