Moody's statement on the Agreement between the Government of Argentina and the IMF

By Moody's
April 9, 2025

This press release was published in English using an automatic translation system.

Statement by Jaime Reusche, Vice President - Senior Credit Officer, on the agreement between the Government of Argentina and the IMF:

"The $20 billion agreement with the IMF is an important anchor that will help Argentina prepare for the next phase of its adjustment, which involves the elimination of the “cepo” (tax exchange rate) and capital controls. It will help stabilize international reserve levels, which have declined in recent months, indicating a real exchange rate that has not found a sustainable equilibrium. However, the long-term outlook has darkened, given that anticipated real investment flows into Argentina's extractive sector—key to stabilizing external finances following the elimination of capital and foreign exchange controls—are now more uncertain due to the fall in hydrocarbon prices resulting from the tariff war. Argentina's credit outlook remains positive, although navigating the current global environment in the context of the planned macroeconomic adjustment will be more challenging for the authorities."