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Mr Drakeford said the Welsh government had "stepped in as the lender of last resort" when the WRU "weren't able to sustain" payments on an earlier Covid loan.

It is not a commercial bank that has to make a profit, so the loss should not affect its routine operations and as the lender of last resort it can always create its own money.

The bank is the lender of last resort and experts say its status has been abused by the government, led by President Nana Akufo-Addo, and the rules of the bank have been broken.

Milei's dollarization plan has sharply divided opinion: his backers argue it is the solution to inflation near 115% while detractors say it an impractical idea that would sacrifice the country's ability to set interest rates, control how much money is in circulation and serve as the lender of last resort.

“China’s new role as a lender of last resort in Argentina, and the use of the yuan for international trade by Bolivia, are a sign of the times.”