The IMF announced a technical agreement for Argentina to receive US$2 billion.

After nearly two months of negotiations, the government reached a technical agreement with the International Monetary Fund on the first review of the Extended Facilities program, which will unlock access to a US$2 billion disbursement . However, it is still subject to approval by the agency's board of directors, which is scheduled to meet next Thursday in Washington.

"International Monetary Fund (IMF) staff and Argentine authorities reached a staff-level agreement on the first review of Argentina's economic program, supported by the 48-month Extended Fund Facility (EFF). Subject to IMF Executive Board approval , Argentina could access approximately USD 2 billion (SDR 1.529 billion)," the agency reported.

In the statement, the Fund emphasized that despite a more challenging external environment, the program had a "solid" start , supported by the implementation of sound macroeconomic policies, including a solid fiscal anchor and a tight monetary stance.

"The transition to a more flexible exchange rate regime and the elimination of most exchange controls has proceeded in an orderly manner, despite a more challenging external environment. The official exchange rate has remained close to the midpoint of the band , disinflation has resumed, economic expansion has continued, and poverty has continued to decline," the Fund said.

The staff also emphasized that Argentina managed to return to international capital markets "ahead of schedule," in apparent reference to the peso-denominated bonds subscribed in dollars (Bonte 2030) issued by Luis Caputo in June to accumulate reserves with annual rates of around 33%, given the decision at the time not to purchase dollars within the floating bands.

According to the Fund, "understandings were also reached on policies aimed at safeguarding compliance with the fiscal anchor, rebuilding reserves, sustainably reducing inflation, and continuing to improve the clarity and functioning of the monetary framework ."

And along those lines, he assured that this approach will be complemented with new measures to move toward a more open, resilient, and market-based economy.

"The IMF staff appreciates the authorities' continued commitment to the program. The Executive Board meeting to discuss the first review is expected to take place in late July ," the statement concluded.