OK, thank you for your quick response! Right, so there could be devaluation, but nothing like Weimar Republic deval [I hope]. Is this a kind of ‘lifeline’ contingency to replace a degraded currency with US dollars?
No devaluation in terms of currency rate changes. That rate is fixed at the same rate as the date of the transaction. Eventually, the borrowing country will buy back its own currency using dollars. Much of it has already been purchased back by the borrowing countries.