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IMF Relaxes Foreign Reserve Requirements for Argentina
August 4, 2025
The International Monetary Fund (IMF) has granted Argentina a waiver after the sovereign missed a key foreign reserves target, allowing the country to continue its $20bn funding program. Argentina now needs to raise its net hard-currency reserves to negative $2.6bn by year-end, $5bn lower than the earlier benchmark. The current level is at negative $6.4bn which is partly due to its recent bond payments. Despite missing the reserves target by $3.6bn, Argentina met other EFF program goals including a budget surplus. This led to the IMF approving a $2bn disbursement last week. They also extended the reserve recovery timeline to 2027, aligning with the next presidential election. Argentina is addressing the reserve shortfall through bond sales, foreign exchange interventions, privatisations, and asset sales. However, rebuilding reserves is proving to be slower than expected due to a growing current account deficit.
Argentina’s 1% 2029s were trading stable at 80.7, yielding 11.61%.
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