The IMF warned about Argentina's international reserves: "They remain critically low."

The International Monetary Fund ( IMF ) insisted that Argentina has insufficient reserves and must make additional efforts to strengthen them . This criticism came within the framework of the External Sector Report published this Tuesday, which featured the country in an exclusive section due to its importance in light of the requested agreement.

" It is essential to make additional efforts to rebuild reserves, while allowing for greater price formation and foreign exchange purchases to meet foreign currency debt service obligations," the international organization stated in the document.

Along these same lines, they emphasized that " economic fundamentals have improved substantially since late 2023, but net international reserves remain critically low and sovereign debt spreads, although they have decreased dramatically, remain high," they analyzed in the report shared by NA.

On the other hand, the IMF noted that "the recent transition to a more robust monetary and exchange rate regime allows for a more market-driven exchange rate, although strict macroeconomic policies remain necessary to achieve a solid trade balance and reserve accumulation. The reserve situation has stabilized since the implementation of the new program and the establishment of new exchange rate bands in mid-April," the IMF concluded.

The agency estimated that "reserve coverage remains inadequate" because they are around 23% of the necessary level, according to calculations made by the financial institution at the end of 2024. It should be noted that reserves reached negative US$11 billion and that over the months, the negative balance was reduced to US$6 billion by the end of March 2025, the date on which this report was prepared.

However, it should be noted that from March onward, Argentina's reserves continued to increase, and they even requested a waiver from the Fund for this very issue, so Luis Caputo and Javier Milei continue working to reinforce the Central Bank with dollars.

Adcap Grupo Financiero warned that, measured by IMF parameters, the Central Bank's reserves remain well below the prudent level. The gross reserve (excluding the swap with China) is USD 28 billion , barely half of the ideal range , which, for an economy like Argentina's, should be between USD 57.8 billion and USD 78.7 billion.