The International Monetary Fund and Argentina have reached a staff-level agreement on the third review of the country’s 48-month Extended Fund Facility, potentially unlocking about $900 million in additional financing.
The agreement must still be approved by the IMF’s Executive Board, which is expected to consider the review in early December after Argentina completes the remaining agreed steps.
The IMF said Argentina’s fiscal and monetary policies had continued to support disinflation while strengthening the country’s external position.
Net international reserves have exceeded the program’s end-June target by about $4 billion, while the central bank has purchased nearly $16 billion in foreign exchange so far this year.
Argentina’s Treasury has also raised more than $5 billion through local markets, and the central bank has refinanced about $6 billion in repurchase agreements, with most of the debt now maturing in 2028.
The latest agreement calls for Argentina to maintain a primary fiscal surplus of 1.4% of GDP in 2026, with a similar fiscal effort planned for 2027.
The government is also expected to continue rebuilding foreign-exchange reserves, preserving exchange-rate flexibility and pursuing market-oriented reforms.
The IMF highlighted reforms involving trade, labor, investment and capital markets, as well as Argentina’s large investment incentive scheme, known as RIGI. Approved investments under the program have surpassed $76 billion, which the Fund said could support future growth and job creation.
The policy package also prioritizes deeper domestic capital markets, longer-term financing, infrastructure concessions and strategic investment.
The IMF said these measures, alongside continued macroeconomic discipline, should help strengthen Argentina’s resilience and employment prospects.