The International Monetary Fund said discussions with Argentina on the first review of the country’s new $20 billion loan program are “very productive,” with a technical delegation from Buenos Aires holding talks in Washington this week. IMF spokesperson Julie Kozack told reporters the facility, approved in April, is already delivering “positive results,” citing a smooth transition to a more flexible foreign-exchange regime, a resumption of the disinflation trend and early signs of economic expansion. Kozack added that both sides recognise the need to keep building the central bank’s foreign-currency reserves to shield the economy from external shocks. She declined to speculate on the timing of the staff report or any subsequent disbursement, and did not say whether Argentina might seek waivers on program targets. The Fund is “closely engaged” with Argentine authorities over last month’s U.S. court ruling that ordered the government to pay about $16 billion in damages linked to the 2012 expropriation of oil company YPF, but it would not comment on the legal case itself. Kozack stressed that the program’s progress rests on continued prudent fiscal and monetary policies.