Argentina Taps China Swap Line, SDRs to Pay $2.7 Billion to IMF

Argentina, desperately short of dollars, is turning to unusual sources to make a $2.7 billion debt payment to the IMF due Friday.

The country will use $1 billion of yuan from a currency swap line with China, according to a senior government official familiar with the matter. The rest of the money will come from sending back $1.7 billion of special drawing rights issued by the International Monetary Fund, the official said, asking not to be identified discussing the plan.

Argentina would replenish the currency swap line as soon as the IMF executive board approves a new disbursement, the ...