The International Monetary Fund once again dampened the government’s expectations. This Thursday, the agency’s spokesperson, Julie Kozack, avoided giving a concrete date for Argentina’s return to international debt markets, despite praising improvements in financial indicators.
«Decisions on the timing and conditions for accessing the market ultimately rest with the Argentine authorities,» Kozack limited herself to saying during her regular press conference. The statement contrasts with what the IMF itself had indicated in its latest staff report at the end of May, where it «underscored the importance of seizing the window of opportunity this year to begin accessing international markets.»
So far, Argentina has only issued dollar bonds under local legislation. The last placement under foreign law was in 2018. Last week, the country authorized borrowing from international organizations up to $5 billion, with the possibility of extending jurisdiction to New York, but this is debt with institutions, not private bondholders.
Kozack highlighted that «spreads on Argentine sovereign debt have narrowed significantly and now stand below 450 basis points,» referring to the drop in country risk. She also mentioned improvements in credit ratings from Fitch and Standard & Poor’s, although she omitted the recent decision by MSCI to keep Argentina in the lowest category of «isolated market.»
«Market sentiment toward Argentina has become more favorable,» the spokesperson said, but without committing to that translating into a debt issuance under foreign law for the remainder of 2026.
On the other hand, the IMF focused on labor informality, which according to INDEC rose to 44.4% in the first quarter, compared to 42.2% the previous year. «One of the key objectives of the program is to move toward a more formal labor market,» Kozack stressed. She justified the delay in results from labor reform: «The effects of this type of reform take time to materialize.»
Unemployment, meanwhile, fell slightly to 7.8%, but job quality remains the Achilles’ heel of the economic plan. The Fund, which until now had been cautious on this issue, now demands concrete steps to reduce informality, a scourge affecting nearly half of Argentine workers.
Meanwhile, the government clings to positive market signals, but the IMF is not letting up on the clock: it wants facts, not promises. The return to international markets remains uncertain, and labor formalization is a pending debt the agency is not willing to overlook.
Para mí el FMI es un chanta, exige formalidad pero los empresarios explotadores son los reyes de la informalidad. Esto huele a ajuste y hambre mientras el riesgo país baja. ¡Qué caraduras! El sistema capitalista es el culpable, no lxs trabajadorxs.
Para mí estos cipayos del FMI siempre piden formalidad pero se hacen los boludos cuando los sindicatos negrean. Yo creo que Milei tiene la posta, Argentina va a salir pero no con estos burócratas de mierda. Basta de trabas, déjenlo laburar.