Now we must wait for the final approval of the IMF Board of Directors to finalize a disbursement of USD 1 billion.
Regarding fiscal objectives, the agency was clear in supporting the Government's direction: “The main anchor will continue to be the financial cash balance, consistent with a primary surplus of 1.4 percent of GDP this year, supported by strict control of spending, while preserving margins for targeted social assistance.”
He also anticipated that “gradual reforms in the tax, pension and fiscal system will increase the quality and sustainability of the fiscal anchor.”
On the monetary level, the IMF said that “operations will continue to be strengthened, with immediate measures to contain rate volatility and improve the transmission of monetary policy and credit allocation.”
He also reaffirmed that monetary policy “will remain restrictive to support the underlying disinflation process”, along with “expanded exchange rate bands and greater transparency through the publication of a quarterly report on the fulfillment of monetary objectives”.
On the external front, the agreement states that “net international reserves will increase by at least 8 billion dollars in 2026", driven by “the mobilization of foreign currency financing and sustained purchases of foreign exchange by the central bank, for a minimum of 10 billion this year”
.The outlined financing scheme includes “a multi-pronged strategy for refinancing foreign currency obligations, through the continuous issuance of dollar debt under local legislation, sales of state assets, central bank repurchase agreements and external loans.” According to the IMF, this will allow “sustainable and timely access to international capital markets”.
Finally, the agency valued structural reforms and noted that “based on significant advances in deregulation and opening up the economy, reforms will continue to focus on boosting formal employment, domestic capital markets, private investment and productivity.”
The Fund concluded that “the Government remains committed to the objectives of the program and is willing to adopt contingency measures if necessary, as well as to seek superior results if conditions permit”, further highlighting “the strong and constructive interaction with the authorities and their continued commitment to the program”.
The Government of Javier Milei reached a staff-level agreement with the International Monetary Fund (IMF), allowing access to nearly $1 billion within the framework of the second review of the Extended Facilities (EFF) program
.The definition comes after the approval of Budget 2026 and key structural reforms, promoting the economic plan of the libertarian administration.
According to the organization's statement, the Argentine authorities and the technical team “reached an understanding on a solid and balanced policy package, aimed at consolidating disinflation, external stability and growth, thus supporting timely and sustainable access to markets.” This progress leaves the country waiting for the final approval of the IMF Board of Directors to finalize the disbursement
.
The Fund especially highlighted the capacity of the Milei Government to advance structural reforms and to organize key variables of
the economy.In this regard, he stressed that “the administration achieved parliamentary approval of Budget 2026 and critical legislation aimed at formalizing residents' possession of financial assets, increasing labor flexibility, ratifying key trade agreements and unlocking investment in mining.”
One of the most important points pointed out by the body is the improvement on the external front. According to the report, “central bank foreign exchange purchases exceeded $5.5 billion so far this year,” strengthening the country's capacity to “manage
shocks.”In addition, the IMF stressed that “Argentina continues to withstand the effects of the war in the Middle East well, given the advances in its fundamentals and its status as a net energy exporter.”
The statement also highlighted signs of economic normalization, such as the fact that, for the first time in six years, companies were able to “repatriate dividends”, reflecting greater
