The International Monetary Fund emphasised the advancements achieved by the Milei administration in terms of economic stabilisation, decreasing inflation rates, and increasing reserves. The fund indicated that the decision for Argentina to return to international debt markets rests with the country’s own authorities. The message was delivered by Julie Kozak, the director of the IMF’s communications department, during her routine press briefing in Washington. “Argentina is continuing to make important progress in restoring macroeconomic stability, strengthening the country’s resilience and economic resilience, and creating a more open and efficient economy,” she stated. She also observed that “growth has continued, inflation is falling, international reserves are being rebuilt, and financing conditions have continued to improve for Argentina.” Argentina’s GDP experienced a growth of 2.3% in the first quarter of 2026, as reported by the statistics institute INDEC in data released this week. The Central Bank successfully achieved its US$10 billion full-year dollar-buying target with the IMF within a mere six months.
Additionally, inflation demonstrated a downward trend, recording 2.6% in April and further declining to 2.1% in May, following a peak of 3.4% in March. During a subsequent segment of the briefing, Kozak commented on the labour reform advocated by Milei, emphasising that it remains premature to assess its outcomes: “The labour reform that has been put in place recently is relatively new, is relatively recent, and the effect of these kinds of reforms takes time to emerge.” The objective, Kozak emphasised, “is to support formal job creation and to improve the functioning of the labour market.” The spokesperson for the IMF refrained from commenting on whether it is the appropriate moment for the Argentine government to re-enter the international debt market. “Decisions regarding the timing and the terms of market access are ultimate decisions to be made by the authorities,” she emphasised. Shortly before, however, she had observed that the trend in financial indicators bolsters the likelihood of regaining access to foreign financing. “Market sentiment towards Argentina has improved, and this is evident in the upgrades by two credit rating agencies,” Kozak stated.
She emphasised the Argentine government’s “continuous efforts” to bolster the Central Bank’s reserves, which “will ultimately help support durable access to both domestic and international capital markets over time.” Regarding Argentina’s financial obligations to the IMF, the spokesperson stated, “Argentina has made all of its payments to the Fund, and we are confident that they will continue to do so.” Argentina’s country risk has been on a consistent decline in recent months. In April, JPMorgan’s EMBI+ index was at approximately 520 basis points. Following upgrades to Argentina’s sovereign debt rating and the provisional resolution of the conflict in the Middle East, it decreased to 425 basis points — marking its lowest level in eight years. It currently stands at 435 points. Milei’s administration is making significant efforts to lower the country’s risk profile.
That would enable Argentina to re-enter international markets for refinancing its foreign debt without relying on multilateral lenders, settling maturities in cash via reserve accumulation, or agreeing to excessively high interest rates. Still — and despite the steady drop in country risk — Economy Minister Luis Caputo has consistently emphasised his preference to wait for financing costs to decrease even more than their current levels. For comparison, Brazil’s country risk is at 176 points, Chile’s is at 82, and Uruguay’s — the lowest in Latin America — is at 59. To date, the Argentine government has opted to issue dollar bonds within the domestic debt market while also utilising resources from its recent agreements with the World Bank and the Inter-American Development Bank.