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Bond Market News
IMF to Discuss First Review of Argentina’s $20bn Program
July 23, 2025
The IMF is set to hold an informal meeting this week on the first review of Argentina’s 48-month $20bn lending program. Argentina stands to receive a $2bn disbursement after the staff agreement and board approval concludes. This would follow the initial $12bn that Argentina received at the launch of the program in April. This review comes in as analysts flag that Argentina missed the June target for net reserve accumulation under the IMF’s criteria. However, Economy Minister Luis Caputo has committed to rebuild central bank reserves above required levels by the end of July, in part by stepping up Treasury dollar purchases.
In other news, Argentina was double upgraded to Caa1 by Moody’s last week. Also, Argentina is appealing against a US court decision that requires it to hand over its 51% stake in YPF.
Argentina’s 5% 2038s are up by 0.8 points at 67.35, yielding 8.08%.
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