Argentina is experiencing a complex economic situation under President Javier Milei's administration. Despite being a major beef producer, the country is importing beef due to Milei's currency and trade policies, which have made sourcing supplies abroad more affordable while local prices remain high. The consolidated national debt has decreased by 4.4 percentage points of GDP since Milei took office, reaching US$247 billion or 36.1% of GDP in the first quarter of 2025, the lowest level since 2019. However, Argentina continues to face challenges in accessing international capital markets, partly due to its failure to rebuild foreign currency reserves. The bond market remains cautious, with inflation dynamics showing a lower pass-through effect than expected in July, and uncertainty persists about the evolution of the exchange rate and inflation in the coming months. Meanwhile, there have been slight increases in Treasury bills and bonds, and the futures dollar rate declined by 0.6%, with implied rates averaging 27% annually. Efforts to attract investment are ongoing, but the country has yet to successfully re-enter global capital markets.