BUENOS AIRES, Feb 5 — Argentina yesterday paid US$370 million (RM183.8 billion) 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 yesterday.

It was the second payment of the year by Argentina, after a transfer of approximately US$700 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 per cent of GDP in 2021 to 0.9 per cent in 2024.

The gradual reduction — to 2.5 per cent in 2022 and 1.9 per cent in 2023 — would “not prevent the recovery” of the economy, Economy Minister Martin Guzman said last week. — AFP