The International Monetary Fund (IMF) has completed the first review of Argentina's $20 billion Extended Fund Facility program, approving a $2 billion disbursement to the country. This approval comes despite Argentina missing its international reserve accumulation targets, with the IMF granting a waiver and relaxing these benchmarks to facilitate continued program implementation. The IMF board recognized the Argentine authorities' strong initial efforts in program execution and emphasized the need for ongoing reforms to sustain economic stabilization and growth. The disbursed funds have been credited to Argentina's Central Bank reserves, which have reached their highest level since President Javier Milei took office, surpassing $43 billion. The IMF also requested a predictable schedule for foreign currency acquisitions by the Central Bank. Meanwhile, Argentina's consolidated debt has decreased by 4.4 percentage points of GDP since Milei's administration began, standing at $247 billion or 36.1% of GDP in the first quarter of 2025, marking the lowest debt level since 2019 and opening prospects for a return to international financing. In related currency market developments, the Mexican peso has appreciated against the U.S. dollar, trading around 18.73 to 18.86 pesos per dollar amid a general dollar retreat and ahead of the upcoming U.S. tariff implementation on Chinese goods.