It’ll be used to keep the exchange rate pegged, they have already slowed down crawling devaluation rate.

They take the IMF Dollars, the rich exchange Pesos for Dollars, to keep exchange rate fixed the Central Bank sells the Dollars it received to the market to maintain the peg, the rich get Dollars for cheap.

Except, the country has no reserves now and is even more indebted in foreign currencies. The peg is unmanageable and there is a massive devaluation, public pays for it and the cycle of debt continues.