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Bond Market News
IMF Unlocks $1bn for Argentina Despite Mixed Program Performance
May 22, 2026
The IMF’s executive board has approved the second review of Argentina’s $20bn Extended Fund Facility, releasing about $1bn to the nation. This has brought total disbursements under the programme to $15.8bn. The decision reflects continued institutional confidence in President Javier Milei’s reform agenda, which has advanced key fiscal, trade and labour legislations while meaningfully rebuilding foreign exchange reserves. For instance, the central bank has purchased over $8bn in hard currency since the start of the year. However, the board characterised overall performance as “mixed until end-2025,” citing delays in rebuilding external buffers and a missed net-reserves accumulation target in December. IMF Directors called for sustained FX purchase implementation and greater exchange rate flexibility, while urging Argentina to secure timely and durable access to international debt markets. Milei has so far avoided this, citing elevated borrowing costs that have risen further due to the Iran conflict. Argentina faces over $30bn in debt obligations in 2027, with presidential election risks likely to take centerstage next year. The nation was recently upgraded to B- by Fitch, helping provide a positive foothold.
Argentina’s dollar bonds traded stable. For instance, the 4.125% 2035s was at 75.1, yielding 9.15%.
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