Regarding monetary policy, although Argentina did not meet the monetary aggregates target —with a deviation of $5 trillion—, the Fund did not impose sanctions and valued the ongoing correction. "A decisive policy response will be crucial to mitigate impacts", the report warned.
As for structural challenges, the organization warned about the need to avoid "an excessive reliance on short-term capital flows", and called for contingency plans to be activated in the event of external shocks. However, it is confident that "the strong implementation of policies" by Argentine authorities will allow risks associated with the midterm electoral cycle to be mitigated.
As part of institutional strengthening, the IMF also reported that INDEC will publish a new CPI by the end of 2025, updated based on the 2017-2018 household expenditure survey. The goal is to better reflect changes in consumption patterns and raise the statistical quality of the indicators.
In its official statement, the Fund's Executive Board highlighted: "The solid implementation of policies has enabled a smooth transition toward a more flexible exchange rate regime, with declining inflation and sustained economic growth". It also praised the Argentine Government's commitment to "the fiscal anchor, the rebuilding of reserves, and the promotion of reforms that drive growth".
After the report was released, Minister Caputo confirmed that the currency accumulation framework 'will be less demanding' and will be adjusted to the real context of the Argentine economy. This implies a gradual exit from capital controls, based on genuine reserves and with external support, in line with the objective of reorganizing the financial system without destabilizing shocks.
