IMF Mission Arrives Monday for Argentina Review to Unlock $900 Million

An International Monetary Fund mission led by Joyce Wong arrives in Buenos Aires on Monday to begin the third review of Argentina's Extended Fund Facility. Approval could release roughly $900 million of the $1.9 billion scheduled for 2026, following a $1 billion disbursement after the second review in May.

The review will focus on two core program targets: a primary fiscal surplus of 1.4% of GDP for 2026 and the accumulation of international reserves. The government projects a primary surplus of 1.5% of GDP in its 2027 Budget, slightly above the target, though it missed the interim fiscal goal for the first half of the year.

“The disbursement will not be automatic: first technical talks must advance and then the review must receive Executive Board approval.”

IMF technicians will evaluate revenue and spending trends in the second quarter, including tax changes and the timing of specific receipts. The Fund previously stressed the need to maintain spending discipline to offset any revenue shortfalls and preserve the surplus target.

Reserve accumulation forms the second pillar of the talks. Any disbursement requires the completion of technical discussions and subsequent approval by the IMF Executive Board, meaning the funds are not automatic.

President Javier Milei and Economy Minister Luis Caputo will be in New York for the UN General Assembly during the mission's first week. Buenos Aires Governor Axel Kicillof will also be in New York on a separate agenda, overlapping with the presidential visit.