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Argentina Reaches Staff-Level Deal on First EFF Review
July 25, 2025
IMF staff and Argentine authorities have reached a staff-level agreement on the first review of the country’s 48-month, $20bn EFF program. The agreement comes on the back of Argentine authorities’ commitment to tight macroeconomic policies. These include a strong fiscal anchor and tighter monetary policy which have helped keep the official peso rate steady near the midpoint of its new band. The agreement unlocks potential access to a further $2bn pending Executive Board approval later this month. The IMF highlighted that despite a challenging external backdrop, Argentina has had a strong start, with disinflation and growth on an uptrend and poverty continuing to fall further. IMF also acknowledged Argentina’s re-entrance to the international capital markets ahead of schedule. Both parties agreed that future policies should focus on maintaining fiscal discipline, rebuilding reserves, sustaining inflation reduction and improving monetary framework clarity.
Argentina’s 1% 2029s are up by 0.6 points at 80.16, yielding 11.84%.
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