Overview
- The weeklong visit covered the second review of the $20 billion Extended Fund Facility and an Article IV consultation led by Luis Cubeddu and Bikas Joshi.
- Argentina exceeded its primary fiscal target at about 1.4% of GDP, but net reserves closed 2025 near –$14.1 billion versus a revised goal around –$1.0 billion.
- Officials and markets expect the IMF to consider a waiver for the reserves shortfall before any disbursement of roughly $1 billion, with timing discussed for March but not confirmed.
- The central bank has resumed dollar purchases in 2026—reported between about $1.6 billion and $2.0 billion so far—while the government promotes channels to formalize undeclared savings under the Inocencia Fiscal law and via broker deposits.
- Talks unfolded during labor‑reform protests and tensions over changes to the CPI methodology, and will continue virtually as IMF staff drafts the report for the Executive Board.