# IMF clears Argentina's second review, then orders Milei to keep buying dollars
> The Fund unlocks ~$1bn and praises the disinflation, but pins a reserves floor that critics say could reignite inflation in an election year

**Meta:** type: story · date: 2026-05-21 · heads: L'argent de qui, Le glissement silencieux · 7 takes · 5 lenses · 2 regions

## Summary

The [Imf](/fr/entity/imf) Executive Board on 21 May 2026 completed the second review of [Argentina](/fr/entity/argentina)'s
48-month, ~$20bn Extended Fund Facility and concluded the 2026 Article IV consultation,
unlocking about $1bn (SDR 0.8bn). It granted a waiver for a missed performance criterion and
modified the net-international-reserves target — in effect ordering [Javier Milei](/fr/entity/javier-milei)'s
government to keep buying dollars through the [Bcra](/fr/entity/bcra) FX-purchase program and hold exchange-rate
flexibility. The Fund praised "impressive" fiscal, trade and labour reform and disinflation
(headline near 33%, down from 211%), while pressing for an overall cash fiscal balance in 2026
via lower energy subsidies and tighter social-transfer targeting. The BCRA hit its ~$10bn
reserve-buy goal in five months; markets watch ~$20bn of 2026 maturities.

## The split

[[La Nación]] frames the release as vindication — the Fund says reserves are accumulating
"faster than expected." Página/12 reads the identical document as a rebuke, stressing the
reserve shortfall and arguing the Fund forced an accumulation U-turn that risks reigniting
inflation. PIIE, from Washington, warns the managed peso and the January monetary scheme remain
fragile regardless of the milestone. The gap is whether dollar-buying is a credibility win or an
inflationary tax — the political question before the midterms.

## By the numbers

- ~$1bn (SDR 0.8bn) — disbursement unlocked by the second review.
- ~$20bn (SDR 15.267bn) — total size of the EFF approved 11 April 2025.
- ~33% — headline annual inflation, down from a 211% peak.
- ~3% — sticky monthly inflation rate.
- ~$10bn — BCRA reserve-purchase target hit in five months.
- ~$20bn — Argentine debt maturities due across 2026.

## Why it matters

Argentina's stabilisation is the IMF's showcase program, but the modified reserves floor exposes
the core tension: rebuilding buffers means buying dollars, which can leak into inflation just as
Milei heads into midterm elections with thin job creation. Success or a stumble reverberates
across Sovereign Debt and emerging-market risk pricing.

## What to watch

- Whether net-reserve targets are met at the next (June) test point without distorting the FX band.
- Monthly CPI prints: any reacceleration tied to dollar purchases.
- Passage and execution of the 2026 cash-balance fiscal path (energy subsidies, transfers).
- Midterm polling and any pressure to loosen the managed peso.

## Regional takes (batched by bias / lens)

### unlabelled
- **International Monetary Fund** (United States, en) — Press release on the completed second review of the 48-month, ~$20bn EFF and the 2026 Article IV; unlocks ~$1bn (SDR 0.8bn), grants a waiver and modifies the reserves performance criterion.
  > "The Board's decision enables a disbursement of about US$1 billion under Argentina's US$20 billion EFF arrangement."
  Source: https://www.imf.org/en/news/articles/2026/05/21/pr26165-argentina-imf-completes-2nd-rev-of-extended-arr-under-eff-concludes-2026-aiv-consultation
- **IMF Staff Report (CR 2026/105)** (United States, en) — Full Article IV / second-review staff report: fiscal-balance target for 2026, FX purchase program, calls for continued exchange-rate flexibility to rebuild buffers.
  Source: https://www.imf.org/-/media/files/publications/cr/2026/english/1argea2026001.pdf
- **Buenos Aires Times** (Argentina, en) — 
  Source: https://www.batimes.com.ar/news/economy/imf-clears-argentinas-latest-review-frees-us1-billion-in-funds.phtml

### market / pro-government broadsheet
- **La Nación** (Argentina, es) — Foregrounds the Fund's praise that BCRA reserve accumulation is running faster than planned, framing the review as validation of the program and downplaying the inflation risk.
  > "The IMF highlighted the BCRA's reserve build-up and said it is moving 'at a faster pace than expected'."
  Source: https://www.lanacion.com.ar/economia/el-fmi-destaco-la-acumulacion-de-reservas-del-bcra-y-afirmo-que-va-a-un-ritmo-mas-rapido-de-lo-nid15012026/

### left / opposition
- **Página/12** (Argentina, es) — Reads the same release as a rebuke: the Fund approved $1bn but flagged Milei's reserve shortfall and forced him to buy dollars — a U-turn for a government that resisted accumulation, with inflation risk attached.
  > "The IMF approved a US$1 billion disbursement but flagged Milei's lack of reserves."
  Source: https://www.pagina12.com.ar/2026/05/21/el-fmi-aprobo-un-desembolso-de-us1000-millones-pero-le-marco-a-milei-la-falta-de-reservas/

### English-language analysis
- **Buenos Aires Herald** (Argentina, en) — Situates the review between macro consolidation and politics: disinflation and reserve gains versus sticky ~3% monthly inflation, ~$20bn of 2026 maturities and thin job creation ahead of midterms.
  > "2026: between macroeconomic consolidation and politics."
  Source: https://buenosairesherald.com/economics/mileis-economy-in-2026-between-macroeconomic-consolidation-and-politics

### economist / skeptical
- **PIIE** (United States, en) — Warns the January 2026 monetary scheme and managed peso leave the framework fragile and prone to renewed volatility despite the reserve milestone.
  > "Argentina's fragile monetary framework risks renewed volatility."
  Source: https://www.piie.com/blogs/realtime-economics/2026/argentinas-fragile-monetary-framework-risks-renewed-volatility

## Across the graph
- Related: [[colombia-de-la-espriella]]
- Entities: Javier Milei, Argentina, Imf, Bcra

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Canonical: https://rbtfl.xyz/fr/n/milei-imf-second-review