BUENOS AIRES — Argentina's economy ministry said on Thursday it had exchanged around 257 billion pesos ($4 billion) in a debt swap for new instruments maturing between 2021-2024, as the government looks to restructure its debt amid a credit crunch. The value of the new instruments totaled 304 billion pesos ($4.794 billion), the ministry said. Argentina has been focused on rolling over its local bonds though a series of debt swap auctions, but it faces a tougher challenge with its international debt. The country is racing to strike a deal with foreign creditors by the end of the month. It is also in talks about revamping its borrowings from the International Monetary Fund, which extended a then $57 billion credit facility to the South American grains producer in 2018.

Source: International New York Times March 19, 2020 21:00 UTC