The norm, in detail
IMF: new program for ~USD 20,000 M
DNU 179/2025 (implements the IMF-approved EFF)
in executionNATIONAL
FX and exit from currency controls
What changed and who it applies to
What changed
The IMF Executive Board approved on Apr 11, 2025 a new 48-month Extended Fund Facility (EFF) for Argentina for SDR 15,267 M (~USD 20,000 M, 479% of quota), with an immediate disbursement of SDR 9,200 M (~USD 12,000 M). In domestic law the operation was implemented via DNU 179/2025, which approves the public-credit operations with the IMF under the new EFF, with 10-year amortization and four-and-a-half years of grace; the funds go to canceling the BCRA's non-transferable dollar bills (starting with the one issued on Jun 2, 2015 maturing Jun 1, 2025) and to refinancing tranches of the 2022 EFF maturing within 4 years. The program is in execution: 1st review completed Jul 31, 2025 (~USD 2,000 M) and 2nd review approved May 21, 2026 (~USD 1,000 M), accumulating ~USD 15,800 M disbursed; in the 2nd review the end-of-December net-international-reserves (NIR) target was missed, with a waiver and corrective measures, but the program was neither halted nor reversed. verif · Mar 10, 2025 ↗
In force
DNU 179/2025 is in force from its publication in the Official Gazette: Mar 11, 2025. The program's approval by the IMF Board and the first disbursement (~USD 12,000 M) are from Apr 11, 2025. verif · Mar 11, 2025 ↗
Who it affects
It reaches the National Treasury and the BCRA (cancellation of non-transferable dollar bills, refinancing of the 2022 EFF) and, through its effect on the fiscal/FX anchor and reserve accumulation, the whole of the Argentine macroeconomy: investors, companies and sovereign financing. It creates no direct obligations on private parties, but it conditions the path of reserves, exchange rate and country risk that frame every investment decision. verif · Apr 11, 2025 ↗
The norm
DNU 179/2025 (DNU-2025-179-APN-PTE), issued on Mar 10, 2025 and published in the Boletín Oficial on Mar 11, 2025 (notice 322325). It approves the public credit operations with the IMF under the new Extended Fund Facility program (Art. 1°), empowers the national Executive (PEN) to sign the necessary instruments, with possible delegation to the Ministry of Economy (Art. 2°), and takes effect on publication (Art. 3°). Signed by Milei, Francos, Caputo and the rest of the cabinet. The related IMF act is the Executive Board approval (IMF Press Release PR 25/101, Apr 11, 2025), which is not a rule of Argentine domestic law. verif · Mar 10, 2025 ↗
Our reading
Argentina closes a new program with the IMF for ~USD 20,000 M over 48 months that reinforces the fiscal anchor and recapitalizes the BCRA by canceling non-transferable bills: fuel to sustain stability and the exit from the currency controls (R1 fiscal anchor, R2 FX normalization, R3 macro stability). What is worth watching without presuming bad faith by the Executive: compliance with the net-reserves target (NIR) —missed in the December review and resolved with a waiver—, because the quarterly reviews are what trigger each disbursement. thesis
Where it lands, province by province1
Neuquén The IMF program props up reserves and lowers country risk, cheapening the project finance of the Vaca Muerta megaprojects (VMOS, LNG) and accelerating their investment decisions (FID). favorable lowers country risk thesis
The other rules on this subject12
Currency controls: exit for individuals and floating bandsDecree 269/2025 + BCRA Com. "A" 8226in force
The BCRA loosens the cepo: parent-company debt without asking permissionBCRA Com. "A" 8417 (Apr 9, 2026)in force
Multilateral-guaranteed debt under New York law: the Treasury refinances more cheaplyDecree 478/2026 (Official Gazette Jun 22, 2026)in force
Bands tied to inflation + the BCRA buys reserves againBCRA Monetary Policy Statement (Dec 15, 2025)in force
Export blend dollar: created and then eliminatedDecree 28/2023 → repealed by Decree 269/2025in force
Ignacio Aredez· Chief analyst
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