The Argentine government has taken an 18-month loan worth $1.00 billion from HSBC Bank Argentina SA, Clarín reported.

The loan carries 250 basis points on top of a Libor rate, or around 5% annually, according to the publication, which also reported the market expects the government to take another 30-month loan in the next few weeks.

The government is reportedly looking to borrow up to $3 billion from banks as Finance Minister Luis Caputo has said Argentina will not seek financing in international capital markets this year and instead looks to borrow between $8 billion and $10 billion in local markets, and an additional amount from banks.

President Mauricio Macri's government will, in total, borrow $30 billion in 2018 and pay around 2.2% of Argentina's GDP in interest, according to previous news reports. According to Clarín, the finance ministry has already obtained about $16 billion in financing this year.