IMF to visit Argentina for third review of economic program

A technical mission from the International Monetary Fund (IMF) will arrive in Buenos Aires on Monday, September 21, to formally launch the third review of Javier Mileis economic program.

During their stay, the IMFs technical staff will meet with officials from the Economy Ministry and the Central Bank. The focus will be on assessing compliance with the targets for the last quarter, with particular attention to the fiscal front and reserve levels.

In its presentation of the 2027 budget, the Economy Ministry reported that the primary fiscal surplus projected for 2026 will be 1.3% of Gross Domestic Product (GDP) (AR$15.5 trillion, US$9.7 billion at the official exchange rate).

This means that the government will narrowly miss the fiscal target agreed with the financial organization of 1.4% of GDP (AR$16 trillion, US$10.4 billion). The difference is close to AR$700 billion (US$456 million).

Looking ahead to 2027, the budget indicated that the projected fiscal surplus will amount to AR$18.4 trillion (US$12 billion, or 1.3% of GDP), while interest payments will total AR$3.3 trillion (US$2.15 billion, or 0.2% of GDP).

A different scenario This third IMF review will present a different scenario for the government compared with the previous two.

Back then in February and April 2026 the Milei administration met the fiscal targets but not the Central Banks reserve accumulation target. This time, the situation is reversed, as the country’s main monetary authority has purchased the committed US$10 billion in reserves.

It is worth noting that, although the primary surplus target set by the IMF in its reviews has not been met, 2027 will mark the fourth consecutive year the government has reached a fiscal surplus, a goal President Milei considers a key part of his economic program.

According to Economy Minister Luis Caputo, who spoke during the Export Day ceremony at the Palacio Libertad, this is the “first time in history that this has happened under a government that has not defaulted on its debt.”

With information from mbito