A technical staff team from the International Monetary Fund arrived in Buenos Aires on Thursday, aiming to conduct an audit of Argentina’s economic program. Javier Milei’s administration secured a US$20 billion loan with the Fund last April, adding to an existing US$45 billion debt incurred during Mauricio Macri’s government in 2018. To secure an impending disbursement of US$1.1 billion, Argentina is required to successfully complete the second review of the new agreement. Earlier this week, the government disbursed over US$800 million in interest to the agency. The “technical mission” is led by the IMF’s mission chiefs for Argentina, Luis Cubeddu and Bikas Joshi, according to sources.
The team is currently in Argentina for its annual “Article IV Consultations,” a process in which the IMF engages with the authorities of each member government, as well as with civil society representatives like unions and business leaders, to evaluate the economic health of the country. One of the critical elements of the assessment, aligned with the objectives established for the conclusion of 2025, is Argentina’s accumulation of international reserves. Private consultants assess that net international reserves, as calculated using the methodology outlined in the program with the Fund, were approximately US$13 billion under the committed level. The national administration commenced regular foreign currency purchases in January, following several months during which government officials asserted that such actions would exacerbate inflation.
However, considering the Argentine government’s alignment with the United States — the Fund’s primary stakeholder — analysts concur that the lender is likely to extend a waiver to Argentina. In the initial assessment of the ongoing program, published in August 2025, the government pledged to revise the methodology employed by its statistical agency, INDEC, for measuring inflation. The administration indicated that, prior to the year’s conclusion, it would rely on the 2017-18 household expenditure survey for its calculations, replacing the current 2004 data set.
The articulated objective was “to better reflect structural changes in cost patterns” and to “improve data quality.” Earlier this week, Economy Minister Luis Caputo stated that the government would refrain from updating the methodology until “the disinflation process is fully consolidated.” Marco Lavagna, has tendered his resignation due to a disagreement.