Overview

• IMF staff signed off on the first review of Argentina’s April program, triggering a $2 billion tranche that awaits final Executive Board approval by late July.
• Economy Minister Luis Caputo described the revised deal as stronger than the original and said it will facilitate the country’s return to international capital markets for debt refinancing.
• The government reports it has purchased $25 billion in foreign reserves over its first 18 months in office despite sizable outflows for debt servicing.
• An IMF communiqué highlighted the program’s solid start in consolidating disinflation, supporting economic growth and reducing poverty sooner than expected.
• Authorities secured waivers for missed reserve targets and remain committed to fiscal discipline, rebuilding reserves and reinforcing monetary policy to stabilize the peso.