April 15, 2026
PRESS OFFICER: Jose De Haro
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Washington, DC: International Monetary Fund (IMF) staff and the Argentine authorities have reached a staff-level agreement on the second review of Argentina's economic reform program, supported by the 48-month Extended Fund Facility (EFF) arrangement. Subject to approval by the IMF Executive Board, Argentina would have access to about US$1 billion (SDR 0.8 billion).
Reform momentum has significantly strengthened in recent months. The administration has secured congressional approval of the 2026 Budget and critical legislation aimed at formalizing holdings of financial assets by residents, enhancing labor market flexibility, ratifying critical trade agreements, and unlocking investments in mining. Importantly, enhancements to the monetary and FX framework are leading to an improvement in reserve buffers, with central bank FX purchases exceeding US$5.5 billion so far this year. Argentina continues to weather well spillovers from the Middle East war, given ongoing improvements in its fundamentals and status as a net energy exporter. This is taking place in a context where corporates have been able to repatriate dividends for the first time in six years.
Understandings were reached on a strong policy package to entrench the impressive stabilization gains and sustained reductions in poverty levels since end-2023. Macroeconomic and structural policies will balance disinflation, external stability, and growth objectives, while supporting Argentina's timely access to capital markets on more favorable terms. Key elements of the policy package include:
Fiscal. The zero-cash balance will remain the program’s key policy anchor, consistent with a primary surplus of 1.4 percent of GDP this year and underpinned by continued strong expenditure controls, while providing sufficient space for targeted social assistance. Over time, well-sequenced reforms to the tax, pension, and fiscal framework are expected to further enhance the quality and durability of the fiscal anchor.
Monetary. Monetary operations will continue to be strengthened, with upfront measures to contain interest rate volatility and improve monetary policy transmission and credit allocation. Monetary policy will remain appropriately tight to continue to support the underlying disinflation process, with widening exchange rate bands and enhanced transparency via publication of a quarterly report assessing performance against the monetary program objectives.
External. The authorities are committed to continue to bolster Argentina’s ability to manage shocks. Net international reserves are projected to increase by at least US$8 billion in 2026, supported by efforts to mobilize FX financing and sustain central bank FX purchases of at least US$10 billion this year, consistent with the assumed re-monetization of the economy.
Financing. A multipronged strategy to refinance FX obligations is being implemented through continued issuances of dollar-denominated domestic-law debt, sales of state-owned assets, central bank repos, and external loans, potentially backed by IFIs. Over time, the strategy is expected to catalyze timely and sustainable access to international capital markets.
Structural. Building on significant progress in deregulating and opening the economy, continued reforms will target boosting formal employment, domestic capital markets, private investment, and productivity—including to unlock the potential of Argentina's strategic sectors in agriculture, energy, mining, and the knowledge economy.
Building on their track record, the authorities remain committed to ensuring adherence to program objectives, including taking contingency measures as necessary, while also seeking to overperform if favorable conditions materialize.
IMF staff welcomes the strong and constructive engagement with the authorities and their continued commitment to the program, including through the implementation of corrective measures to address earlier setbacks. Upon completion of pending measures, the review will be submitted to the IMF Executive Board for consideration.
