The International Monetary Fund said it has reached a staff-level agreement with Argentina on the first review of the country’s four-year, $20 billion Extended Fund Facility. Approval by the IMF’s Executive Board, expected later this month, would unlock about $2 billion for the government in Buenos Aires. In a statement, the Fund noted the program had "started off strongly" despite a less favorable global backdrop. It cited lower inflation and poverty, continued economic growth and Argentina’s earlier-than-planned return to international capital markets. The agreement includes commitments to safeguard the fiscal anchor, rebuild reserves and entrench the drop in inflation. President Javier Milei’s administration, which faces midterm elections in October, has paired tight fiscal and monetary policies with a shift to a more flexible exchange-rate regime. Economy Minister Luis Caputo said the forthcoming tranche would help the country regain market access for refinancing its debt. Separately, the Inter-American Development Bank confirmed two loans totaling $1.2 billion to support fiscal and regulatory reforms.