International Monetary Fund (IMF) staff and the Argentine authorities reached a staff-level agreement on the third review of the 48-month Extended Fund Facility program. If the IMF Executive Board approves it, Argentina will be able to receive about US$900 million (600 million special drawing rights, SDR), according to the IMF statement released on Monday, October 26 (Washington time).
The IMF expects to take the review to the Board "in early December", once "the remaining agreed steps" are completed. The program, signed in April 2025, totals US$20 billion, according to TN. This article sums up what the statement says, the figures the IMF highlights and what is still pending.
What the IMF statement on Argentina says
The Fund says the program "continues to deliver impressive results, despite a more complex global backdrop", and credits prudent fiscal and monetary policies for the progress. These are the figures it mentions:
| Indicator highlighted by the IMF | Figure |
|---|---|
| Net international reserves versus the end-June target | About US$4 billion above |
| Central bank FX purchases in 2026 | Close to US$16 billion |
| FX raised by the Treasury in the local market | Over US$5 billion |
| BCRA repos refinanced | US$6 billion (US$5 billion now mature in 2028) |
| Bank financing guaranteed by official creditors | US$3.2 billion, plus another US$1 billion before year-end |
| Investments approved under the RIGI | Over US$76 billion |
| 2026 primary surplus | 1.4% of GDP |
Source: IMF statement on the third review (English text reproduced by Mirage News; the IMF publishes its statements on its Argentina page). If the fiscal target is met, 2026 would be the fourth consecutive year with a primary surplus and an overall fiscal balance.
The four areas the IMF and Argentina agreed on
- Fiscal policy: the fiscal anchor remains central. A primary surplus of 1.4% of GDP in 2026 and a similar effort in 2027, as reflected in the 2027 Budget bill sent to Congress.
- Monetary policy: the central bank will keep targeting monetary aggregates and maintain exchange rate flexibility within the band system.
- Reserves and financing: keep building reserves with financing from the local market, official partners and privatizations. The authorities committed to be ready to return to international markets "when conditions permit" and to activate contingent credit lines as needed.
- Structural reforms: deepen the local capital market, facilitate RIGI investments and move forward with recently awarded infrastructure concessions.
Source: IMF statement. The Budget the Fund mentions is still under debate: the details are in our article on the 2027 Budget in the Chamber of Deputies.
When the IMF's US$900 million reaches Argentina
The staff-level agreement does not release the money right away. Two steps remain: completing the pending measures and getting the Executive Board's approval of the review, expected in early December.
| Step | Date | Status |
|---|---|---|
| Extended Fund Facility agreement (US$20 billion) | April 2025 | In force |
| Staff-level agreement on the third review | October 26, 2026 | Reached |
| Interest payment due to the IMF | November 1, 2026 | About US$800 million, according to Infobae |
| IMF Executive Board discussion | Early December 2026 | Pending |
| Disbursement | After Board approval | About US$900 million (600 million SDR) |
Sources: IMF, Infobae and TN. Media outlets do not agree on the dollar amount: the IMF says "about US$900 million", while TN puts it at close to US$870 million. The gap exists because the disbursement is set in SDR, and its dollar value moves with that unit's exchange rate.
Argentina's IMF program in figures
The current deal is an Extended Fund Facility (EFF), the IMF credit line designed for countries with balance-of-payments problems that need multi-year reforms. It was announced at staff level on April 8, 2025, according to IMF press release No. 25/095.
| Program detail | Figure | Source |
|---|---|---|
| Total amount | US$20 billion | IMF, press release 25/095 |
| SDR equivalent | SDR 15.267 billion | IMF, press release 25/095 |
| Size relative to Argentina's IMF quota | 479% of quota | IMF, press release 25/095 |
| Length | 48 months | IMF |
| Disbursement tied to the third review | SDR 600 million (about US$900 million) | IMF, October 2026 |
Sources: IMF, April 2025 and IMF, October 2026. Each review works like an exam: staff check whether the targets were met (reserves, deficit, money issuance) and, if the Executive Board approves, the next tranche is released. When a target is missed, the country can request a waiver, something this review's statement does not mention.
What the agreement does not solve
The statement insists that Argentina should return to international market financing. That is harder today: country risk is above 750 basis points, compared with about 400 points in July, according to Infobae. What that indicator measures and why it is rising is explained in our explainer on Argentina's country risk.
The debate over how many reserves the central bank should buy also remains open. According to Infobae, some economists, such as Ricardo Arriazu, argue that buying dollars at this pace holds back credit, while Economy Minister Luis Caputo said purchases could approach US$20 billion by year-end if the pace holds. Economic activity has also slowed, as shown by trade with Brazil after Lula's re-election.
Frequently asked questions
What did the IMF approve for Argentina?
A staff-level agreement on the third review of the Extended Fund Facility program. Executive Board approval is still pending.
How much money will Argentina receive?
About US$900 million (600 million SDR), according to the IMF. Some outlets put it at close to US$870 million because of the SDR exchange rate.
When will the disbursement be approved?
The IMF expects to take the review to its Board in early December 2026.
How big is the IMF program with Argentina?
US$20 billion, under a 48-month arrangement signed in April 2025.
What fiscal target does the IMF ask for?
A primary surplus of 1.4% of GDP in 2026 and a similar effort in 2027.
