IMF and Argentina Reach Deal on Third Review

The International Monetary Fund and Argentina reached a staff-level agreement on the third review of the country’s lending program, potentially making about $900 million available if the IMF Executive Board approves it. The agreement was announced October 27 after discussions between IMF staff and Argentine authorities. The Board could consider the review in early December, IMF spokeswoman Julie Kozack said. The funds cannot be disbursed before approval, and the IMF has not announced a specific meeting date. The review concerns Argentina’s Extended Fund Facility, a four-year program agreed in 2025 and worth about $20 billion. The latest agreement keeps a target of a primary budget surplus equal to 1.4% of gross domestic product in 2026, with a similar fiscal effort in 2027, according to the IMF. It also retains an exchange-rate band regime. The IMF urged the government to maintain its policy implementation, including efforts to build net international reserves and strengthen the country’s external position. The Fund said Argentina’s net international reserves were about $4 billion above the target set for the end of June. Those figures and the policy commitments were described...