IMF staff and Argentina agree the third review of the Extended Fund Facility
27 October 2026
Argentine authorities and International Monetary Fund staff reached a staff-level agreement on the third review of the Extended Fund Facility programme agreed with the Milei administration in 2025. The agreement opens the way to a further US$900 million disbursement, which still needs approval by the IMF Executive Board. Fiscal policy stays central to the programme, with a primary surplus of 1.4 per cent of GDP in 2026 and a similar fiscal effort in 2027. The central bank is to target monetary aggregates to support disinflation and reserve accumulation, and to preserve exchange rate flexibility within the exchange rate band system. Its reserve purchases exceeded the June programme target by US$4 billion and annual reserve accumulation stands at US$16 billion. The programme unlocked a US$20 billion loan, on top of the US$45 billion debt Argentina took on in 2018 under Mauricio Macri. The IMF also noted more than US$76 billion approved under the RIGI investment incentive scheme.
In plain words
IMF International Monetary Fund — The Bretton Woods institution that lends to member countries facing balance of payments problems.
EFF Extended Fund Facility — The IMF's medium-term lending arrangement for countries with deep-seated balance of payments problems.
Primary surplus — A government's revenue minus its spending, before interest payments on debt.