The International Monetary Fund (IMF) Executive Board has approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina, totaling US$20 billion (479% of quota). This includes an immediate disbursement of US$12 billion, with a first review scheduled for June 2025, unlocking approximately US$2 billion. The program aims to catalyze additional multilateral and bilateral financing and support Argentina’s timely return to international capital markets.
Building on the authorities’ strong stabilization efforts, the arrangement supports Argentina’s transition to a new phase of macroeconomic stability, external sustainability, and growth. Key priorities include:
- Sustaining a strong fiscal anchor through spending discipline, efficiency measures, and reforms to tax, revenue sharing, and pension systems, while preserving space for social assistance and infrastructure.
- Transitioning to a robust monetary and FX regime with greater exchange rate flexibility, an enhanced monetary targeting framework, and a gradual easing of FX restrictions to rebuild external buffers and support disinflation.
- Deepening structural reforms to foster a market-oriented economy by enhancing product and labor market flexibility, improving state efficiency, and strengthening governance, anti-corruption, and AML/CFT frameworks.
“The Argentine authorities’ decisive stabilization plan has delivered rapid disinflation, economic recovery, and early social improvements,” said IMF Managing Director Kristalina Georgieva. “This program builds on that progress to entrench stability, strengthen external viability, and unlock Argentina’s vast growth potential, particularly in energy and mining.”
The program includes contingency planning to navigate global risks, supported by agile policymaking and clear communication to maintain broad social and political support.
