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.
“... rate is fixed ...”
Paid back with the same US dollars you mean? We swap one million [for example] for thirty million wooden nickels. And they take back thirty million wooden nickles for one million US dollars? So they have the option to default during a complete currency meltdown and cut some kind of other deal then, such as replacing their worthless currency with Greenbacks and absorbing enough US dollars that we don’t suffer from inflation. Is that about how it works?
[Creepy having this gang of crooks in charge right now. The opportunities for chicanery ...]