阿根廷：根据扩展基金机制下的扩展安排进行的首次审查、豁免不遵守绩效标准的请求、重新安排准入、修改绩效标准和融资保证审查新闻稿；员工报告；阿根廷执行主任的发言

ARGENTINA FIRST REVIEW UNDER THE EXTENDED ARRANGEMENTUNDER THE EXTENDED FUND FACILITY, REQUESTS FORA WAIVER OF NONOBSERVANCE OF A PERFORMANCECRITERION, REPHASING OF ACCESS,MODIFICATIONOF PERFORMANCE CRITERIA, AND FINANCINGASSURANCES REVIEW—PRESS RELEASE;STAFFREPORT;AND STATEMENT BY THE EXECUTIVEDIRECTOR FORARGENTINA In the context of theFirst Review Under the Extended Arrangement Under the ExtendedFundFacility, Requests for a Waiver of Nonobservance of a Performance Criterion,Rephasing of Access, Modification of Performance Criteria, and Financing AssurancesReview., the following documents have been released and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJuly 31, 2025, following discussions that endedin July2025, with theofficials ofArgentinaon economic developments and policies underpinning the IMFarrangement under theExtended Fund Facility. Based on information available at thetime of these discussions, the staff report was completed onJuly 25, 2025.•AStaff Supplementupdating information on recent developments.•AStatement by the Executive DirectorforArgentina. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Completes First Review of the ExtendedArrangement Under the Extended Fund Facility for Argentina FOR IMMEDIATE RELEASE •The IMF Executive Board completed the first review of Argentina’s 48-monthExtended Fund Facility (EFF), enabling a disbursement of about US$2 billion.•Strong policy implementation has supported a smooth transition to a more flexibleexchange rate regime, with declining inflation and continued economic growth.•The Executive Board welcomed the authorities’ commitments to safeguard the fiscalanchor, enhance the monetary framework, rebuild reserves, and furthergrowth-enhancing reforms. Washington, DC–July 31, 2025:The Executive Board of the International Monetary Fund(IMF) completed today the first review of the extended arrangement under the Extended FundFacility (EFF) for Argentina. This marks an important early milestone under the program,which aims to further bolster public finances, reduce inflation, rebuild reserves, and lay thefoundation for stronger and more sustainable private sector-led growth. Despite a more challenging global backdrop, the Executive Board assessed that programimplementation has been strong, reflecting appropriately tight policies. While the mid-Junequantitative target for net international reserves (NIR) accumulation was missed, other keyperformance criteria and indicative targets were met, and corrective measures have beenimplemented to bring reserves closer to the NIR target. The Executive Board welcomed theauthorities’ commitment to implement policies consistent with the program’s objectives. The Board’s decision enables an immediate disbursement of SDR 1.529 billion (about US$2billion), bringing total disbursements under the arrangement to SDR 10.729 billion (aboutUS$14 billion). Argentina’s 48-month EFF arrangement, with access of SDR 15.267 billion(equivalent to US$20 billion, or 479 percent of quota), was approved on April 11, 2025 (seePress Release No. 25/101). Following the Executive Board discussion on Argentina, Ms. Kristalina Georgieva, ManagingDirector, issued the following statement: “The new phase of Argentina’s stabilization program, supported by the Extended Fund Facilityarrangement, has had a strong start, despite a challenging external environment.Appropriately tight macroeconomic policies have facilitated a smooth transition to a moreflexible exchange rate regime and the easing of most foreign exchange restrictions andcontrols. Disinflation has resumed, the economy has continued to expand, and poverty hasfallen further. Notably, Argentina has re-accessed international capital markets earlier thananticipated, although spreads remain high. “The zero-overall deficit target remains the key policy anchor. Spending discipline and controlsare ensuring adherence to the authorities’ objective of a 1.6 percent of GDP primary surplusfor this year, while providing space for adequate social assistance to the most vulnerable.Looking ahead, fiscal consolidation should continue, underpinned by well-sequenced fiscal reforms, including in the tax area. Efforts to ensure any new tax or spending initiatives are fullyfunded remain important. “Tight monetary conditions should continue to support disinflation and the re-monetizationprocess underway. Refinemen