# Argentina fiscal and debt management

> Live situation record from CLSTR: https://clstr.news/situations/argentina-fiscal-and-debt-management
> Updated: 2026-09-20T16:30:04.000Z. Sources: 23. Developments: 2.

Argentina is implementing fiscal and monetary strategies to manage its national debt. Under the direction of Economy Minister Luis Caputo and Central Bank President Santiago Bausili, the government is working to refinance a 2023 fiscal deficit—estimated at 5.13% of GDP—by exchanging approximately $32.76 billion in Central Bank liquidity notes and other liabilities for National Treasury debt titles. This process includes the use of instruments such as the Fiscal Liquidity Letter (LeFi), LECAP, and BONCAP to address high interest rates and consolidated debt.

An International Monetary Fund (IMF) technical mission, led by Joyce Wong, arrived in Buenos Aires on September 21, 2026, to conduct the third review of the Extended Fund Facility (EFF) agreement. The mission is auditing public accounts and international reserves, a process critical for unlocking a potential disbursement of approximately US$900 million. A central point of discussion is the fiscal surplus; while the agreement mandates an annual primary fiscal surplus of 1.4% of GDP for 2026, the first half of the year resulted in a figure 0.6% of GDP below that target. Current projections suggest a final result of approximately 1.3% of GDP, which officials attribute to lower tax collection and postponed income tax filings. Officials have suggested this deviation may be addressed through a waiver.

Conversely, the Central Bank’s performance regarding foreign reserves has exceeded expectations, having accumulated over US$14.2 billion in currency purchases against a 2026 target of US$10 billion. The review occurs as President Javier Milei and Minister Caputo attend United Nations General Assembly meetings in New York. Additionally, Argentina faces an IMF debt repayment of approximately US$803 million on September 25, with further payments scheduled for November and December.

## Claims

- The agreement sets a target for an annual primary fiscal surplus of 1.4% of GDP for 2026. (disputed by 13 sources)
- The Ministry of Economy projects a primary surplus of 1.3% of GDP for 2026. (disputed by 3 sources)
- An IMF technical mission led by Joyce Wong arrived in Argentina on September 21, 2026, for the third review of the Extended Fund Facility agreement. (corroborated by 13 sources)
- The Central Bank of Argentina accumulated over USD 14.2 billion in foreign currency purchases, exceeding the USD 10 billion target. (corroborated by 6 sources)
- Argentina faces a debt payment of approximately USD 800 million to the IMF on September 25. (corroborated by 6 sources)
- Economy Minister Luis Caputo is traveling to New York for UN meetings, preventing his full participation in the IMF technical meetings. (corroborated by 6 sources)
- The review is a prerequisite for a potential disbursement of approximately USD 900 million. (corroborated by 5 sources)
- The first-semester fiscal result was 0.6% of GDP below the established target. (corroborated by 4 sources)

## Timeline

### 2026-09-20: IMF mission arrives in Argentina for third economic program review

An IMF mission led by Joyce Wong has arrived in Argentina for the third review of its economic program, focusing on fiscal surplus targets and reserve accumulation to unlock a potential USD 900 million loan.

21 sources. https://clstr.news/cluster/imf-mission-arrives-in-argentina-to-review-fiscal-targets

### 2026-09-19: Argentina debt management shapes fiscal policy

Argentina's economic policy focuses on managing growing debt through fiscal adjustments, asset concessions, and the issuance of new debt instruments like LeFi, LECAP, and BONCAP.

2 sources. https://clstr.news/cluster/argentina-debt-management-shapes-fiscal-policy

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Cite as: Argentina fiscal and debt management. CLSTR, https://clstr.news/situations/argentina-fiscal-and-debt-management