🏦 SPECIAL 🏦 ECONOMIC COVERAGE

ARGENTINA — IMF — WASHINGTON

📅 April 18, 2026  •  ⏱️ Reading time: 8–10 minutes  •  📍 Washington D.C. / Buenos Aires

🇳🇬 International Correspondent  •  📰 International Economics / Finance

The meeting between Caputo and Georgieva took place as the formal closing of an intense week of Argentine negotiations in Washington. Even before the official meeting – "on Friday," as the minister himself had announced in an informal meeting that had taken place days earlier on the ground floor of the IMF building – the IMF's technical staff had already given public signs of support for the adjustment plan of Javier Milei's government.

At the end of the meeting, Caputo was blunt to journalists: "It was a very pleasant meeting because there is a relationship of trust," he said. He added, "[Georgieva] is super impressed with the accomplishments." The head of the IMF, for her part, published on her official X account: "Excellent meeting with Minister Luis Caputo and the president of the Central Bank, Bausili, on the solid implementation of policies in Argentina. We look forward to continuing to support reforms to strengthen stability and boost growth."

Luis Caputo, Minister of Economy, after the meeting with Georgieva — Washington, 17/4/2026

👥 The participants of the table

The Argentine delegation was led by Caputo and was attended by the president of the Central Bank, Santiago Bausili; the Deputy Minister of Economy, José Luis Daza; the vice president of the BCRA, Vladimir Werning; and Argentina's representative to the IMF, Leonardo Madcur. The composition of the team reflects the centrality that the government assigns to the management of the external debt and the accumulation of reserves.

The meeting is part of a key moment in Argentina's program with the Fund. On April 15, just two days before the formal meeting, the IMF staff confirmed the Staff Level Agreement (SLA) corresponding to the second review of the Extended Facilities (EFF) program signed in April 2025 for a total of USD 20,000 million. The technical agreement enables a disbursement of approximately USD 1,000 million, which will be finalized once the Executive Board grants its endorsement – scheduled for early or mid-May.

Luis Cubeddu, head of the "Argentine Case" at the IMF, confirmed it unambiguously: "Our plan is to present the request to the board of directors in early or mid-May. We are preparing the necessary documentation." The agency expects Argentina to accumulate USD 8,000 million in reserves during 2026.

📌 The numbers of the agreement

Hours before the meeting with Georgieva, at a press conference held in Washington, the IMF's technical staff gave a closed endorsement to the Argentine government's adjustment plan. Nigel Chalk, director of the organization's Western Hemisphere Department, was in charge of drawing the general picture: "What has happened during the course of this year was a very positive policy impulse for the country. The Budget was approved, there was an important labor reform, the reserves are accumulating through the consistent action of the Central Bank in the markets. There is a continuous effort to eliminate distortions in the economy, to open it up and to increase productivity."

📉 Inflation of 3.4%: the peak

The inflation figure for March – a 3.4% that irritated President Javier Milei – was the only point of tension in the technical debate. Cubeddu offered a weighted reading of the IMF: "The increase in inflation of 3.4% in March reflects a number of factors: the rise in energy prices globally and seasonal increases in education. We project that a disinflation process will take place in the coming months. High-frequency indicators for April suggest that is the case." Twelve-month inflation expectations, he added, "remain relatively well anchored in the 25% range."

Luis Cubeddu, director for the Argentine Case — IMF, Washington, 17/4/2026

The week in Washington was not limited to the IMF. Caputo deployed an intense multilateral agenda: he met with Ajay Banga, president of the World Bank; Ilan Goldjan, head of the IDB; and Sergio Díaz Granado, in charge of CAF. The objective: to close a scaffolding of guarantees to cover the maturities of private debt in dollars that mature in July. According to official information, the minister has already obtained USD 2,550 million in guarantees from multilateral organizations.

Cubeddu, consulted on the matter, described this strategy as "essential": "The authorities are following a multi-pronged strategy. The first is to mobilize financing in dollars from domestic markets. The second has to do with the sale of state assets. The third is through repos from the Central Bank, and the fourth through loans from commercial banks guaranteed by multilateral organizations such as the World Bank and the IDB."

🗺️ The war in the Middle East: the global variable that was also discussed

Both Caputo and Georgieva agreed on the assessment of the international context: the war in the Middle East and the blockade of the Strait of Hormuz represent a global risk of the first order. The IMF director warned member countries during the week: "Do not be complacent, do not start making lax fiscal policies, because if in this context you begin to spend more and increase debt levels, rates will continue to rise and debts will become unsustainable," Caputo described, paraphrasing the organization's position.

For Argentina, the war has a particular nuance: the country is a net exporter of energy. According to the IMF statement, the country "continues to deal well with the indirect effects of the war," although the rise in the international price of crude oil generates an inflationary impact on fuels that was noted in the March data.

Beyond the figures of the agreement, Caputo approved the week in Washington to outline the government's reformist agenda to investors and international officials. The priority of the economic team is, in the words of the minister himself, "to reduce what we call the Argentine cost." And it breaks it down into three specific axes:

▶      Lower taxes — reduce the tax burden on production and investment.

▶      Reduce regulations — simplify the regulatory framework to facilitate private activity.

▶      Improve logistics — upgrade infrastructure and eliminate bottlenecks in foreign trade.

The minister also reinforced the political support that sustains the program: "This is the first time we have taken this path and we are not going to move an inch from it to continue with our structural reforms," he said, alluding to the electoral results that the ruling party presented as an endorsement of the administration.

The tone of the week in Washington leaves no doubt: the relationship between Argentina and the IMF is at its best in years. The combination of a staff that praises without conditions, a managing director who declares herself "impressed" and a disbursement of USD 1,000 million within hours of being finalized paints a politically favorable picture for Milei's government. However, the context data deserves closer examination.

✅ What's going well

▶      The BCRA has accumulated more than USD 5,500 million in foreign currency purchases so far this year.

▶      The fiscal surplus remains as the anchor of the program.

▶      The legal framework was strengthened: Approved 2026 budget, labor reform, ratification of trade agreements.

▶      The second revision of the EFF was approved without major technical friction.

▶      Multilateral guarantees (WB, IDB) allow maturities to be refinanced without going out to international markets at high rates.

⚠️ The points of attention

▶      Net reserves closed 2025 at -USD 14,100 M, far from the target of -USD 1,000 M. The second waiver is in the hands of the Board.

▶      Inflation of 3.4% in March was the highest in months and worries the IMF, although the staff tested a decline for the following months.

▶      Argentina is the main debtor of the IMF with 34.5% of the outstanding loans: the maturities of 2026 amount to USD 3,605 million.

▶      Access to the voluntary capital market is still conditioned by rate differentials: the country avoids borrowing in the markets as long as spreads are high.

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📈 FAQ Schema — Frequently Asked Questions

❓ What agreements did Argentina conclude with the IMF in April 2026?

Argentina and the IMF staff reached a Staff Level Agreement approving the second review of the EFF program for USD 20,000 million. The agreement enables a disbursement of USD 1,000 million, pending the approval of the Board of Directors scheduled for May 2026.

❓ What did Georgieva say about Argentina after the meeting with Caputo?

Georgieva published in X that it was an "excellent meeting on the solid implementation of policies in Argentina" and expressed the Fund's willingness to continue supporting reforms to consolidate stability and growth.

❓ Why does Argentina not issue debt in international markets?

The Argentine government chose not to go to the international capital markets as long as rate differentials are high. Instead, it articulates guarantees with multilateral organizations (WB, IDB, CAF) to refinance maturities at a lower cost.

❓ How much does Argentina owe to the IMF in 2026?

In the remainder of 2026, Argentina must pay USD 3,605 million to the IMF. The next maturity is in May for USD 805 million. The country is the main debtor of the organization with 34.5% of outstanding loans.

▶      La Nación — "Caputo reaped another sign of support from the IMF in a meeting with Kristalina Georgieva" — 4/17/2026

▶      Infobae — "Caputo met with the head of the IMF, Kristalina Georgieva, after the announcement of the agreement" — 4/17/2026

▶      El Cronista — "Caputo met with Georgieva at the IMF with the approved review" — 4/17/2026

▶      Ámbito Financiero — "Caputo announced agreement with the IMF for the second review" — 4/15/2026

▶      Channel 26 — "Confirmed: IMF approves second review of agreement with Argentina" — 4/15/2026

▶      Infobae — "Before the Caputo-Georgieva meeting, the IMF staff supported the financing strategy" — 4/17/2026

▶      Agencia Noticias Argentinas / Pregon — "Caputo met with Georgieva at the IMF after the agreement" — 4/17/2026

▶      Panorama newspaper — "The IMF confirmed that it will discuss the revision of the agreement with Argentina in May" — 4/18/2026

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Bell Ville, Córdoba, Argentina — April 18, 2026

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