The International Monetary Fund (IMF) executive board has approved the first review of Argentina's 48-month Extended Fund Facility (EFF) program, which was signed in April 2025 under the administration of President Javier Milei. This approval authorizes a disbursement of approximately US$2 billion to Argentina, a move the government anticipates to support its public finances amid a surge in the US dollar exchange rate. Despite Argentina missing its international reserve accumulation targets, the IMF granted a waiver and relaxed the reserve accumulation goals for 2025, providing the country with greater flexibility to continue the $20 billion funding program. IMF Managing Director Kristalina Georgieva highlighted the Argentine authorities' strong initial implementation efforts and emphasized the need for ongoing reforms to sustain economic stabilization and growth. The agreement includes adjustments in the program's technical benchmarks, particularly concerning dollar reserves and exchange rate management, reflecting a pragmatic approach by the IMF to Argentina's economic challenges.