Overview
- A technical IMF team will visit Buenos Aires the week of September 21 to begin the third review of Argentina’s program, according to IMF staff reports and spokespeople.
- The mission will formally audit the program’s June 30, 2026 quantitative performance criteria with a primary focus on central bank reserves and the government’s fiscal outcome.
- Argentina’s central bank has exceeded the program’s annual FX purchase target, buying more than $14.2 billion and likely pushing net reserve accumulation above the $8 billion 2026 goal by some estimates.
- Public finances remain the main vulnerability: the government recorded a 0.6% of GDP primary surplus in H1 2026, has set a 2026 target of about 1.3% of GDP versus the IMF’s 1.4% requirement, and has committed measures such as postponing the FAL and tightening targeted taxes and subsidies to close the gap.
- The review will also probe near‑term financing risks from scheduled IMF amortizations — $803 million on Sept. 25 followed by larger payments in November and December — and press for structural reforms and stronger policy institutions as outlined by IMF leadership and in the 2027 budget materials.