The Economy Ministry of Argentina has borrowed $7.5 billion of foreign exchange reserves from the central bank, The Wall Street Journal reports. The ministry will issue the central bank a 10-year, non-transferable IOU in exchange for the reserves.

The foreign exchange reserves will be deposited in a debt repayment fund. The proceeds will be used to pay the government’s private creditors in 2011.

Click here for the story from The Wall Street Journal