Argentina reaches IMF staff deal, opening door to $1 billion in fresh funds

Argentina reached a staff-level agreement with the International Monetary Fund on the second review of its $20 billion program, the IMF said on Wednesday, unlocking a $1 billion disbursement, subject to approval by its Executive Board.



"Reform momentum has significantly strengthened in recent months," the IMF said in a statement, citing greater political support in South America's second-largest economy for key reforms, as well as improvements to monetary and FX policy that have helped kickstart the accumulation of critical foreign reserves.



Argentina sealed the $20 billion, 48-month deal a year ago - its 23rd deal with the Washington-based lender - in order to help roll over an earlier $44 billion deal and give the government of libertarian Javier Milei financial firepower to undo capital controls and regain access to international capital markets.