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Economy Ministry orders payment to IDB and World Bank with reserves
El Cronista
March 16, 2010

Yesterday, the Central Bank paid two debt maturities with international organizations using funds from the reserves that were transferred to the Treasury, under orders of the Economy Ministry. It was for a payment due of US$64 million to the World Bank and another US$14 million to the Interamerican Development Bank (IDB). With those payments, they've already used around US$150 million to pay debt with reserves, which in this case there are no objections by the opposition for it was authorized in the last reform of the Charter of the Central Bank, which paid off the debt with the International Monetary Fund.

In turn, the Central Bank last week paid off debt due with private holders of debt for US$52 million - the last one on Friday for US$17 million - while the resources didn't come out of the Treasury's account where the reserves are deposited under DNU 298/10, and is embargoed by the courts.

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