IMF lowers bar for Argentina reserves accumulation, next review due after local October elections
Net international reserves accumulation targets were lowered through 2026, leading to a steeper accumulation curve as the 2027 target was kept in place
The International Monetary Fund lowered the bar for Argentina's reserve accumulation targets through 2026 in its $20 billion program and removed a review that was due before the country's October legislative elections as detailed in a report published Friday.
Net international reserves accumulation targets were lowered through 2026, leading to a steeper accumulation curve as the 2027 target was kept in place.
"The NIR accumulation target for end-December 2025 has been lowered to mainly reflect the initial shortfalls, which are gradually being addressed through the agreed corrective actions," the report said.
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The announcement came a day after the IMF board completed the first review of the $20 billion program approved in April. Disbursements of around $14 billion have been made for Argentina so far as part of this new program.
"While early efforts to re-access international capital markets are commendable, Argentina's capacity to repay its Fund obligations remains subject to exceptional risks and continues to hinge on strong policy implementation to improve reserve coverage and sustain market access (at more favorable terms) by the time repayments to the Fund come due," said the report from IMF staff.
