The second review of the $20 billion program, signed in April 2025, concluded after a series of meetings with the economic team led by Minister Luis Caputo. The IMF mission held talks with various parties to analyze economic prospects. Meanwhile, the government faced a payment of over $800 million to the IMF in February. The fund's visit came in a context where the government is seeking approval for a new waiver and renegotiation of the reserve target, conditions necessary to unlock a $1 billion disbursement. The Central Bank had committed to closing the fourth quarter of 2025 with positive net reserves of $2.4 billion, a target later revised to a negative balance of $2.6 billion after the first review. Caputo explained that the payment was made by purchasing Special Drawing Rights (SDRs) from the United States, a routine operation within the fund's system. SDRs are an international asset created by the IMF that functions as a unit of account and reserve currency among member countries, with its value derived from a basket of international currencies.
