BUENOS AIRES, Nov 2 ― Argentina made a payment of US$390 million (RM1.6 billion) yesterday to the International Monetary Fund (IMF) for interest on a US$44 billion loan it is seeking to renegotiate, the government said.

The amount was the final interest payment for 2021, the economy ministry told AFP.

So far this year, Argentina has paid US$1.9 billion down-payment on the loan, as well as US$1.3 billion in interest.

It must pay another US$1.9 billion by December.

Argentina has received US$44 billion of a US$57 billion loan from the IMF arranged under former president Mauricio Macri.

After taking office, his successor Alberto Fernandez refused to accept the rest of the loan.

Argentina, the IMF's biggest debtor, has been in recession since 2018 and is seeking to renegotiate the loan.

If no agreement is reached, it will have to pay the Fund about US$19.3 billion in 2022, another US$19.5 billion in 2023 and US$4.9 billion in 2024, according to government estimates. ― AFP