Argentina’s debt to the International Monetary Fund (IMF) has climbed to approximately $57.25 billion, marking a 36% increase since the country signed a new extended credit facility in April 2025.
According to IMF data, the nation now holds 34.5% of the total outstanding loans owed to the multilateral lender, maintaining its position as the fund's primary debtor.
One year ago, the debt stood at roughly $42.047 billion. The recent spike represents a 34.3% increase when measured in Special Drawing Rights (SDR) and a 36.1% increase in U.S. dollars.
Missed targets and rising obligations
The current program, the 23rd agreement between the administration of President Javier Milei and the IMF, aimed to bolster Central Bank reserves through $20 billion in credits.
While the government met fiscal savings and monetary emission targets during the first review in July 2025, it failed to meet essential reserve accumulation goals. The IMF granted a 'waiver' to allow an $2.083 billion disbursement in August despite this failure.
Private consultants report that Argentina missed its net reserve targets significantly. The country was expected to reach net negative reserves of $1 billion by the end of 2025, but instead ended the year with a deficit of $14 billion.
Argentina's Economy Minister, Luis Caputo, will meet with IMF officials in Washington next week during the IMF and World Bank Spring Meetings scheduled for April 13-18.
The second review, which determines a potential $1 billion disbursement, remains unfinished following a mission to Buenos Aires in February. A new waiver may be necessary to secure the next payment.
Argentina faces heavy upcoming obligations. The country has already paid $3.024 billion in principal and interest since the 2025 agreement began.
Total IMF debt repayments for the remainder of 2026 amount to $3.605 billion. The next individual payment of $805 million is due in May.