President Javier Milei, along with his cabinet of ministers, decided tonight to send a request to the National Congress for authorization to sign a new Extended Fund Facility Program with the International Monetary Fund (IMF).
According to reports, the agreement with the multilateral organization will establish a ten-year amortization period, with a grace period of four and a half years. Its main objective is to cancel the National Treasury's debts with the Central Bank of the Argentine Republic (BCRA) and with the IMF itself.
According to an urgent decree that will be published in the Official Gazette on Tuesday and will take effect immediately, the program will allow for the cancellation of:
- Non-transferable U.S. dollar-denominated notes held by the BCRA, prioritizing those with the nearest maturities.
- Obligations related to the Extended Fund Facility Program signed in 2022, whose maturities occur in the next four years.
The official document argues that the measure is essential to strengthen the BCRA's international reserves, ensure macroeconomic stability, and reduce the volatility of financial variables.
According to official data, in December 2023, the Central Bank's net reserves were negative at USD 11.2 billion, while by March 6, 2025, under President Javier Milei's administration, they had increased by USD 7.034 billion.
The Executive indicated in the DNU that fiscal adjustment and zero deficit policies contributed to a marked reduction in inflation and poverty.
In that sense, it highlighted that in January 2025, the annual inflation rate fell to 84.5%, while poverty decreased from 54.8% to 38.9% in the first year of administration, according to estimates from the National Council for Social Policy Coordination based on INDEC data.
