CARACAS (Reuters) - Venezuela’s central bank has reached a deal that will provide the country with at least $300 million from New York-based investment fund Fintech Advisory Inc to help offset a cash crunch, two market sources and a source close to the government told Reuters on Friday.

A woman uses a machine to count Venezuelan bolivar notes at an office in Caracas, Venezuela March 21, 2017. REUTERS/Marco Bello

The crisis-hit country has spent months negotiating with investment banks, offering bonds as a guarantee, as it seeks to boost liquidity ahead of steep debt payments that begin next week, Reuters reported in February.

Venezuela’s oil-dependent economy is suffering a brutal recession that has millions of people skipping meals amid steep inflation and low salaries.

Opposition lawmaker Rafael Guzman on Monday said the central bank was negotiating with Fintech, run by financier David Martinez, to obtain cash, using bonds issued by state oil company PDVSA [PDVSA.UL] as guarantee.

Martinez is known for reaping big profits from bets on distressed assets in countries including Argentina and his native Mexico.

“The operation has been approved,” said a source close to the government who had access to the deal’s details and asked to remain anonymous because he was not allowed to speak about it publicly.

The central bank agreed to a repurchase deal, known as a “repo,” using around $1.3 billion in bonds held by the institution, the source added.

The central bank’s board has already approved the operation, according to two other sources in the finance sector.

Neither the central bank or Fintech Advisory responded to a request for comment, but central bank foreign reserves jumped $300 million in the aftermath of the deal, the bank’s website showed late on Friday afternoon.

As PDVSA bonds are trading for up to less than half their worth amid some market fears of a default down the road, the central bank decided to seek private financing deals instead of bond sales.

“This is the most viable and legal option they could take at the moment,” a Caracas-based trader said.

(The story was refiled to add the dropped word “fund” in the headline)