It was the second payment of the year by Argentina, after a transfer of approximately $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 $44 billion debt in return for economic reforms.

Under the new deal, Argentina has committed to progressively reducing its fiscal deficit from three percent of GDP in 2021 to 0.9 percent in 2024.

The gradual reduction—to 2.5 percent in 2022 and 1.9 percent in 2023 -- would “not prevent the recovery” of the economy, economy minister Martin Guzman said last week.

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