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Bond Market News
IMF’s To Conduct First Review of Argentina’s New Economic program
June 25, 2025
The IMF’s technical mission arrived in Buenos Aires on Tuesday to conduct the first review of Argentina’s new economic program under President Javier Milei. The review comes amid concerns over Argentina’s failure to meet foreign reserve targets, falling $4.3bn short of the planned $4.4bn accumulation by June 13. The government’s attempts to boost reserves through bond deals only yielded $500mn in June, far below expectations. While fiscal and monetary targets were met, reserve shortfalls and currency market interventions will be the central points of discussion.
The IMF may still grant a waiver for the missed reserve goal, potentially unlocking a $2bn disbursement upon board approval. Earlier this month, IMF spokeswoman Julie Kozack praised Argentina’s steps toward disinflation and reserve rebuilding, while noting that discussions will include future agenda items and program objectives.
Argentina’s dollar jumped marginally higher, with its 3.5% 2041s up at 62.6, yielding 11.01%.
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