SDRs

"The funds that will be disbursed today go in part to Qatar, to CAF and will lower the level of how much has been used from the swap line. Qatar will be paid in SDRs, China in yuan," a source at Argentina's central bank said, adding he expected the CAF loan to be paid back in U.S. dollars.

The operation, which depleted Argentina's $1.6 billion in SDRs, underscores how desperate the country's dollar position has become.

This "Climate Mitigation Trust Fund" would be funded by tens of billions of dollars' worth of SDRs and overseen by the IMF and the UN.

Yellen told a news conference on Friday that the Biden administration is seeking congressional approval to lend $21 billion worth of SDRs to poorer countries through the IMF trust funds.

France has contributed about 20% of the $37.6 billion worth of SDRs that it received to IMF trust funds including the new Resilience and Sustainability Trust for vulnerable middle-income countries and island states, and it has pledged to increase that to 30%.