Argentina pledges not to use reserves to repay IMF

ARGENTINA - Economy minister Roberto Lavagna has assured the IMF technical mission currently visiting the country that central bank reserves will not be used to pay back loans from the IMF and the Inter-American Development Bank which are due to mature next month.

A report by the economy ministry states that if a deal is struck with the IMF by July 14, these new funds will be used for paying off previous IMF loans. But if this fails, the government will have no option but to default on its de