Argentina: 2026 Article IV Consultation, Second Review under the Extended Arragnement under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Argentina

This paper presents Argentina’s 2026 Article IV Consultation, Second Review under the Extended Arrangement under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review. The authorities continue to make progress in stabilizing the economy, although political uncertainties during 2025 temporarily slowed growth and the disinflation process. Program performance was mixed through end-2025, with delays in reserve rebuilding interacting with political uncertainty to weigh on Argentina’s external position. While the end-2025 fiscal targets were met, the net international reserves accumulation target was missed, largely reflecting a surge in dollarization ahead of the elections. Discussions focused on policies over the near and medium term to secure a durable stabilization process, drawing on lessons from other successful emerging market cases. The authorities remain committed to maintaining stability through macroeconomic policies that appropriately balance disinflation, external sustainability, and growth objectives. This is being complemented by continued structural reforms aimed at boosting productivity, investment, and formal employment, while creating a more open and competitive economy.