A technical delegation from Argentina is in Washington this week to advance the first review of the country's $20 billion loan program with the International Monetary Fund (IMF). The IMF has acknowledged that the program is delivering positive results, highlighting a smooth transition to a more robust foreign exchange regime and a resumed disinflation process. However, the IMF has not yet approved the first review, citing that Argentina has not met foreign reserve targets. Discussions between Argentine authorities and the IMF remain productive, with ongoing engagement on related issues such as the U.S. court ruling on YPF. Meanwhile, Argentina's official dollar exchange rate has increased recently, approaching 1,300 pesos at Banco Nación, amid a growing current account deficit and heightened market demand for government reserve accumulation. Treasury deposits in dollars rose by an additional $200 million, raising questions about the return of bulk purchases previously associated with former official Luis Caputo. The expiration of delegated powers granted to former Central Bank President Federico Sturzenegger has complicated efforts to maintain the dollar within the lower band of the exchange rate range. Despite these challenges, the Institute of International Finance (IIF) praised Argentina's bold economic stabilization efforts, fiscal discipline, and inflation control, while calling for further reforms. Fiscal targets under the IMF agreement continue to be met as Argentina navigates an election year.