Economy: Argentina

Argentina’s Economy Minister Luis Caputo will fly to Bangkok on 12 October for the IMF and World Bank annual meetings. His aim is to unlock about US$900 million that depends on the third review of the country’s IMF programme.

What We Know

Economy Minister Luis Caputo will travel to Bangkok, Thailand, from 12 to 18 October 2026, according to Argentine press reports. He goes for the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, which the IMF says run on the same dates.

The delegation includes Vice Minister José Luis Daza and Central Bank President Santiago Bausili, with central bank Vice President Vladimir Werning also reported. Their aim is to unlock about US$900 million tied to the third review of Argentina’s loan programme.

The IMF said on 1 October that a technical mission led by Joyce Wong had visited Buenos Aires from 21 to 29 September. It added that talks continue toward a staff-level agreement, with tax revenues and fiscal targets among the topics.

A staff-level agreement is the first step. Argentine press reports that it is followed by Fund approvals and a vote by the Executive Board, and we found no announcement of a staff-level agreement as of 7 October.

The Economy Ministry in Buenos Aires, where Caputo works. File photo. Photo: Horacio Cambeiro, CC BY-SA 4.0, via Wikimedia Commons

The Numbers the Fund Is Checking

The programme sets a primary surplus target of 1.4% of GDP for 2026. A primary surplus is the budget balance before interest payments.

The Economy Ministry reported that the accumulated primary surplus through August was about 1.1% of GDP, up from about 0.9% at the end of July. The 1.4% target is for the full year, and Política Argentina reports that the government is on course to finish slightly below it.

INDEC, the national statistics agency, reported that consumer prices rose 1.7% in August, down from 2.1% in July, after a peak of 3.4% in March. Annual inflation was 33.5%, down from 33.8% in July.

The IMF has pointed to lower inflation, higher reserves and a move from a fiscal deficit to a surplus. Its spokesperson, Julie Kozack, made those points at the 1 October briefing.

The Executive Board completed the second review on 21 May 2026, after a staff-level agreement in April, and that step opened about US$1 billion. We have covered how the third review tests a target that was already lowered once, and we explain how the IMF programme works.

What to Watch in Bangkok and Buenos Aires

Argentina’s statistics agency, INDEC, is due to publish September inflation on Tuesday 13 October at 16:00 Buenos Aires time (19:00 GMT). Forecasts in the EODHD calendar point to monthly inflation of 2.0%, up from 1.7% in August, and annual inflation near 34%, compared with 33.5% in August.

The meetings’ plenary session is on 16 October, and the IMF’s policy committee, the IMFC, holds its press briefing on 17 October, according to the IMF schedule. Those days give Caputo a stage to meet Fund officials and other finance ministers.

Argentina observes a national holiday on Monday 12 October, the day the Bangkok meetings open. The holiday is the Day of Respect for Cultural Diversity.

What Is Not Known

It is not known whether the IMF will reach a staff-level agreement before or during the Bangkok meetings. Argentine press reports that a waiver, which is permission to pass a review despite missing a target, is an option if a target is missed.

We found no date for an Executive Board vote on the third review. The timing of the US$900 million therefore remains open.

What It Means for US Readers and Investors

The United States is the IMF’s largest shareholder, so Fund decisions on Argentina matter in Washington as well as in Buenos Aires. A completed review would add to the central bank’s reserves and support confidence among holders of Argentine bonds.

A delay would keep attention on the reserves and on the 1.4% fiscal target. The Bangkok talks and the 13 October inflation figure are the next two signals.

More: Argentina news in English, every day from The Rio Times.

Frequently Asked Questions

Why is Caputo going to Bangkok?

He will attend the annual meetings of the IMF and the World Bank Group, which run from 12 to 18 October 2026. His aim is to move forward the third review of Argentina’s IMF programme.

What is the US$900 million?

It is a payment tied to the third review of Argentina’s IMF programme, according to Argentine press reports. The IMF has not yet approved it.

What is a staff-level agreement?

It is an understanding between IMF staff and a government on a review, and it comes before the Executive Board votes. The IMF said on 1 October that talks toward one were continuing.

When is Argentina’s September inflation due?

INDEC is due to publish it on Tuesday 13 October 2026 at 16:00 Buenos Aires time. The EODHD calendar forecasts monthly inflation of 2.0%.