MercoPress. South Atlantic News Agency

IMF team rounds up mission to Argentina

The results were not disclosed

The International Monetary Fund (IMF) concluded a four-day technical mission in Buenos Aires to review Argentina’s compliance with a new US$20 billion agreement signed in mid-April 2025, it was announced Friday in Buenos Aires.

The team led by Nepalese economist Bikas Joshi held constructive discussions with Argentine authorities, including the Ministry of Economy and the Central Bank, but no official results were disclosed. The IMF stated that work will continue in the coming days, with further updates to follow.

The review focused on Argentina’s failure to meet the reserve accumulation target, with a reported US$4 billion shortfall as of June 13.

Economic analysts expect the IMF to grant a waiver due to this non-compliance. The Economy Ministry and the Central Bank (BCRA) downplayed the issue, emphasizing alternative methods for reserve accumulation.

Finance Secretary Pablo Quirno noted $4 billion was acquired last month without impacting the exchange market, while Economy Minister Luis Toto Caputo announced a US$200 million purchase outside the market.

BCRA Vice-President Vladimir Werning clarified that none of the US$12 billion provided by the IMF was used to intervene in the futures market, and reserve needs will decrease as market access improves. The agreement enabled Argentina to lift foreign exchange restrictions for individuals after six years.

Deputy Economy Minister José Luis Daza emphasized a flexible exchange rate driven by supply and demand, dismissing market intervention to control currency expectations. “There is nothing further away. We have a flexible exchange rate, the dollar moves only by supply and demand,” he said.