IMF praised the BCRA's and Treasury's measures and will review targets in Buenos Aires

The International Monetary Fund (IMF) confirmed that it will send a technical mission to Buenos Aires at the end of June to conduct the first review of the new agreement for USD 20 billion signed with Argentina under the Extended Fund Facility (EFF). The information was announced by Julie Kozack, spokesperson for the organization, during her regular press conference.

The official highlighted that the organization welcomes the latest measures adopted by the Argentine Government to accumulate reserves and consolidate macroeconomic stability. "Despite the more complex environment, the authorities have continued to make remarkable and impressive progress," Kozack stated.

Technical assessment and program targets

The review aims to assess compliance with the agreed targets and discuss the structural reform agenda promoted by Javier Milei's administration. According to the spokesperson, the IMF team works frequently and constructively with local authorities to monitor the progress of the economic plan.

"The IMF will send a technical mission to Buenos Aires at the end of June to assess the progress of the program's targets and objectives," Kozack reiterated, referring to the four-year agreement approved on April 11, which included an initial disbursement of USD 12 billion.

Measures highlighted by the IMF

The international organization especially valued the decisions adopted by the Central Bank and the Ministry of Finance in recent weeks, including the completion of a new Repo with international banks for up to USD 2 billion, the removal of restrictions for foreign investors, and the possibility of subscribing to peso-denominated bonds with dollars, provided they have a maturity of more than one year.

Kozack emphasized that these policies "represent another important step in the efforts to consolidate disinflation, support the government's financing strategy, and rebuild reserves." She also stressed the need to strengthen the monetary framework and improve liquidity management, as these are "important actions to continue reducing inflation and inflation expectations."

BCRA reserves and pending targets

Although the Central Bank is still about USD 4 billion below the reserve accumulation target committed for June,  the IMF did not comment on a possible extension to meet the objective. However, it was noted that new lines of financing could cover that gap and contribute to meeting the agreement.

In this regard, the IMF stated that a strong fiscal anchor remains key to sustaining macroeconomic stability. "The country's overall stability is supported by the implementation of a solid fiscal anchor," Kozack assured.

Optimism and ongoing monitoring

The IMF spokesperson reaffirmed the organization's optimism regarding the economic progress achieved by the Milei administration. "Beyond the complex environment, the authorities have continued to make remarkable and impressive progress," she reiterated at the end of her remarks.

The mission that will arrive in Argentina this month will be key to defining the next disbursements of the program and confirming the path of reforms that the Government seeks to deepen in fiscal, exchange, and monetary matters.