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BUENOS AIRES: Argentina made a payment of $390 million Monday to the International Monetary Fund for interest on a $44 billion loan it is seeking to renegotiate, the government said.

The amount was the final interest payment for 2021, the economy ministry told AFP.

So far this year, Argentina has paid $1.9 billion down-payment on the loan, as well as $1.3 billion in interest.

It must pay another $1.9 billion by December.

Argentina has received $44 billion of a $57 billion loan from the IMF arranged under former president Mauricio Macri.

After taking office, his successor Alberto Fernandez refused to accept the rest of the loan.

Argentina, the IMF's biggest debtor, has been in recession since 2018 and is seeking to renegotiate the loan.

If no agreement is reached, it will have to pay the Fund about $19.3 billion in 2022, another $19.5 billion in 2023 and $4.9 billion in 2024, according to government estimates.

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