BUENOS AIRES, (Reuters):
ARGENTINA PAID yesterday a US$793 million debt it owed the World Bank that was due last month, after taking advantage of a grace period, Economy Minister, Roberto Lavagna, said.
NEW LOAN
With the 30-day grace period ending this week, the government had hoped to get a US$500 million loan from the World Bank that it could use to pay part of the debt, but the lender delayed approval of the loan, forcing Argentina to pay with its own resources.
"The government paid the debt and the World Bank meeting to approve the new ($500 million) loan takes place May 22," Lavagna told reporters.
Lavagna did not specify if the government depleted international reserves to make the payment.
Argentina defaulted on its debt with the World Bank last year when it refused to put its international reserves at risk to pay debts before reaching an aid agreement with the International Monetary Fund.
