Washington, DC – July 24, 2025 – Argentina has reached a significant milestone in its economic reform journey, securing a staff-level agreement with the International Monetary Fund (IMF) on the first review of its 48-month Extended Fund Facility (EFF) arrangement. This agreement, pending approval by the IMF’s Executive Board, paves the way for Argentina to access approximately $2 billion (SDR 1.529 billion) in funding, signaling strong progress in stabilizing its economy.
Central Bank of Argentina. (Photo: Javier Pierini)
The IMF praised Argentina’s robust start to the program, highlighting the country’s success in implementing tight macroeconomic policies despite a challenging global environment. A key pillar of the reforms has been a strong fiscal anchor, complemented by a stringent monetary policy. The transition to a more flexible exchange rate regime and the easing of foreign exchange controls have also proceeded smoothly, with the official exchange rate holding steady around the midpoint of its band.
Argentina’s economic achievements under the program are notable. Inflation has continued to decline, economic growth has persisted, and poverty levels have further decreased. In a significant development, the country has re-entered international capital markets earlier than anticipated, bolstering confidence in its economic trajectory.
The agreement outlines policies to maintain fiscal discipline, rebuild foreign exchange reserves, achieve lasting reductions in inflation, and strengthen the monetary framework. These measures aim to foster a more open, resilient, and market-driven economy. The IMF commended Argentine authorities for their unwavering commitment to these reforms.
The IMF Executive Board is expected to review the staff-level agreement in late July, a critical step toward formalizing the disbursement of funds. This development marks a pivotal moment for Argentina as it continues to navigate economic challenges and build a foundation for sustainable growth.
Note: The views expressed in the IMF staff’s statement are preliminary and do not necessarily reflect those of the IMF’s Executive Board. This review will not result in an immediate Board discussion.
