IMF Staff and Argentina Reach Agreement That Could Unlock $900 Million

WASHINGTON, D.C. — Oct. 27, 2026 — International Monetary Fund staff and Argentine authorities have reached a preliminary agreement on the third review of Argentina’s economic reform program, potentially giving the country access to approximately $900 million in additional financing.

The funding remains subject to approval by the IMF Executive Board. The review is expected to go before the board in early December, after Argentina completes the remaining agreed steps, according to the IMF’s announcement.

The agreement is part of Argentina’s 48-month Extended Fund Facility arrangement, which supports the country’s economic program through financing and periodic policy reviews.

IMF Cites Progress on Inflation and Reserves

The IMF said Argentina’s fiscal and monetary policies have helped slow inflation and strengthen its external position. The fund also said the country’s net international reserves exceeded its end-of-June program target by approximately $4 billion.

According to the announcement, Argentina’s central bank purchased nearly $16 billion in foreign currency during the year, while the Treasury raised more than $5 billion in foreign currency from local markets.

The central bank also refinanced $6 billion in repurchase agreements, or repos, with $5 billion now scheduled to mature in 2028. Argentine authorities additionally secured $3.2 billion in cross-border bank financing backed by guarantees and were working to obtain another $1 billion before the end of the year, the IMF said.

What the Policy Package Includes

The agreement outlines a set of fiscal, monetary and structural policies intended to maintain economic stability and support investment and employment.

On fiscal policy, the program targets a primary surplus of 1.4% of gross domestic product in 2026, followed by a similar fiscal effort in 2027. A primary surplus means government revenue exceeds spending before interest payments on debt are counted.

The IMF said Argentina plans to continue controlling spending while protecting priority social and infrastructure expenditures. The government also intends to pursue changes to its tax and fiscal frameworks.

Argentina’s central bank will continue targeting monetary aggregates—a measure of the money supply—while maintaining exchange-rate flexibility within its existing currency band system, according to the announcement. Officials also plan to build reserves and seek financing from domestic markets, official partners and privatization proceeds.

Investment and Growth

The IMF said Argentina’s reforms in trade, labor, investment and capital markets are intended to support economic growth. The fund reported that approved investments under the country’s large investment incentive program, known as RIGI, have surpassed $76 billion.

Approved investments do not necessarily represent money already spent. The IMF said it expects those projects to support growth and job creation as they move forward.

In its October press briefing, the fund said a priority for Argentina was broadening growth beyond energy, mining and agriculture to support lasting investment, employment and inclusion. imf.org