The Argentine government announced Wednesday that it would sell off 7.5 billion U.S. dollars from its recent loan obtained from the International Monetary Fund (IMF), in order to finance its budget.
The program would consist of "pre-announced daily sales executed through a tender mechanism carried out by the Central Bank of Argentina (BCRA) at the behest of the Treasury," the Argentine Finance Ministry said in a statement.
The money for sale will come from the first chunk of the IMF loan, worth 15 billion U.S. dollars and be delivered to Buenos Aires on June 20.
"The 7.5 billion of budgetary aid will be sold at our request via the Central Bank," Finance Minister Luis Caputo told local daily La Nacion.
Analysts said the IMF loan agreement would help Argentine authorities to stabilize the economy, restore investor confidence and stem a drop in the value of the Argentine peso.
Since the start of this year, Argentine's peso had devaluated a total of 32.14 percent before the end of May.