International Monetary Fund (IMF) staff and the Argentine authorities have reached a staff-level agreement on the third review of Argentina's economic reform programme, supported by the 48-month Extended Fund Facility (EFF) arrangement, the IMF said in a statement on Tuesday, October 27. Subject to approval by the IMF Executive Board, Argentina would have access to about US$900 million (SDR 600 million). Yaani: US$900 million means about $90 crore in a single tranche.

Source: International Monetary Fund

Reuters also reported the agreement on Tuesday, saying it could give the South American country access to about $900 million. The wider EFF arrangement was concluded in 2025 and is worth around US$20 billion over four years — yaani about $2,000 crore over four years — as Argentina dealt with rampant inflation and currency depreciation, according to reporting carried by Europe Says. President Javier Milei has since pursued a reform plan involving sharp cuts to public spending and reining in inflation; the IMF statement praised structural reforms in trade, labour, investment and capital markets.

The IMF said the authorities' programme continues to deliver results despite a more complex global backdrop: prudent fiscal and monetary policies have supported continued disinflation and substantially strengthened Argentina's external position and buffers. Net international reserves exceeded the end-June target by about US$4 billion, the central bank purchased close to US$16 billion so far this year, the Treasury raised over US$5 billion in foreign exchange from local markets, and the central bank refinanced US$6 billion of its repos, US$5 billion of which now mature in 2028, the Fund said. The government, with support from official creditors, also mobilised cross-border guaranteed bank financing of US$3.2 billion and is well advanced in securing an additional US$1 billion before year-end.

Under the understandings reached, the fiscal anchor will remain central, consistent with a primary surplus of 1.4 percent of GDP in 2026 and a similar effort in 2027 — what would be a fourth consecutive year with a primary fiscal surplus and an overall fiscal balance, the IMF said. The central bank will continue to target monetary aggregates, calibrated to support disinflation and reserve accumulation while preserving exchange-rate flexibility within the band system. Priority reforms include deepening domestic capital markets, expanding longer-term financing, and executing strategic investments under the RIGI framework.

What happens next is procedural but decisive: Argentina must complete the remaining agreed steps, IMF staff will then submit the review to the Executive Board in early December, and only a Board decision will release the money. For emerging-market investors, the review is a signal on whether Argentina's reserve build-up and disinflation hold through the next year of the programme.