The payment was made with funds Argentina received in August from the IMF’s special drawing rights (SDR) program, aimed at helping members combat the economic impact of the coronavirus pandemic.
The same payment mechanism was used by the South American country three months ago to face the expiration of some 1,900 million dollars with the organization.
Argentina is seeking a new IMF program to roll over a debt of some $ 45 billion that it cannot afford.
As the country seeks to emerge from a recession that began in 2018, the year the previous administration signed an ill-fated $ 57 billion loan with the IMF, Latin America’s third largest economy continues to be hit by inflation that exceeds 50% annually.
The parties have been seeking to reach a resolution to restructure the debt for more than a year, but recently hopes grew for an agreement and an agreement on a medium-term economic plan, key to restoring Argentina’s credibility with the markets.
In the first quarter of 2022, the South American country will have to pay around $ 4 billion to the IMF and another $ 2 billion to the Paris Club.
Talks with the IMF are politically sensitive as many voters in the country blame the fund for an economic collapse in 2002 that plunged millions of middle-class Argentines into poverty.
After being defeated in a recent legislative election, the administration of President Alberto Fernández faces political tensions as Argentines struggle with high rates of poverty and inflation and low wages.
With information from Reuters
