Overview
- A technical IMF mission is due in Buenos Aires the week of September 21 to carry out the third review and audit the program’s quantitative performance as of June 30.
- The review will focus first on foreign‑exchange reserves and the fiscal result and will inform whether Argentina can meet a US$803 million IMF amortization due on September 25.
- The Central Bank has overperformed its FX purchase path, buying more than US$14.2 billion against a US$10 billion target and accumulating roughly US$9 billion in net reserves by mid‑year, despite recent intra‑month volatility in gross reserves.
- Public finances remain the main concern: the government recorded a 0.6% of GDP primary surplus in H1 2026 versus the 1.4% of GDP target for the year, and it has delayed the Labor Assistance Fund, raised specific tax collection, and tightened transport subsidy targeting to protect the surplus.
- The IMF will also scrutinize financing risks, household delinquency, and institutional reforms such as stronger central bank autonomy and steps to channel energy and mining gains into construction, logistics and services, which officials say is key to sustaining disinflation and broadening growth ahead of next year’s elections.