Overview

• The IMF’s first review unlocked a US$2 billion tranche of Argentina’s US$20 billion extended-facilities program, raising gross reserves to US$43.023 billion
• A forthcoming US$824 million interest and commission payment to the IMF is set to reduce central bank reserves later this week
• The Fund has cut the net-reserve target by US$5 billion and replaced quarterly assessments with semiannual reviews
• The government plans an internal debt operation between the Economy Ministry and the central bank to improve net reserve metrics
• Market analysts noted a neutral response with short-term bond yields edging up and longer maturities dipping marginally