The governor of Buenos Aires province, Axel Kicillof, stated Wednesday in Lomas de Zamora that the oil from Vaca Muerta «is Argentine» and should be used for national development, alluding to the visit of the International Monetary Fund’s Managing Director, Kristalina Georgieva, to the Neuquén field. «To the IMF director I say that the oil she went to see is Argentine,» Kicillof said, as reported by El Destape.
The statement comes in the context of Georgieva’s tour of Argentina, which included a visit to Loma Campana – an active well in Vaca Muerta that YPF has operated since 2013 alongside Chevron – accompanied by Economy Minister Luis Caputo, YPF CEO Horacio Marín, and Neuquén Governor Rolando Figueroa. The IMF official backed the government’s economic plan and assured that «the country is on a good path and there will be no need for more funds.»
Kicillof, however, questioned the national economic program: «The macro is not in order because people can’t make ends meet. They are afraid of losing their jobs, that is order for the IMF.» He added that «industry is liquidated and commerce too» and compared the current situation to the 2001 crisis, though he warned that current numbers «are worse.»
Maturities with the IMF: payment calendar in SDR
The IMF published on June 30, 2026 an update of its projected payment table for Argentina, detailing amounts owed in Special Drawing Rights (SDR) through 2030. According to that official document, total maturities for 2026 amount to 2,082,529,842 SDR; for 2027, to 5,650,460,371 SDR; for 2028, to 7,004,829,747 SDR; for 2029, to 7,792,755,072 SDR; and for 2030, up to the last recorded maturity (April 2030), they total 3,212,739,388 SDR.
The table includes items such as basic charges, temporary and level surcharges, net SDR charges, and repurchases of EFF (Extended Fund Facility) credits. The first maturities of 2026 are on August 1 (charges of 622,614,704 SDR) and September 25 (EFF repurchase of 583,333,333 SDR).
Contrast between sources
| Document / Source | What it establishes | What it does not establish | Open questions |
|---|---|---|---|
| El Destape (news article, 7/2/2026) | Kicillof criticized Georgieva and the economic program; stated that Vaca Muerta oil is Argentine and should be used for national development. | Does not provide debt figures or payment calendar; does not contrast statements with IMF data. | What is the exact magnitude of maturities? Do Kicillof’s claims match IMF data? |
| IMF – Projected payment table (6/30/2026) | Details amounts owed in SDR by Argentina through 2030, including charges and repurchases. | Does not include political comments or official statements; does not specify exchange rate to local currency. | How will these payments impact BCRA reserves? What room does the government have to renegotiate? |
Valuation module: calculation of maturities in dollars
To convert SDR amounts to US dollars, the official IMF exchange rate as of June 30, 2026 was used: 1 SDR = 1.34 USD (reference value). It was not converted to Argentine pesos because the official and parallel exchange rates vary daily and are not available in the provided sources.
- Document: IMF projected payment table, updated to 6/30/2026.
- Organization and date: IMF, June 30, 2026.
- Unit: SDR (Special Drawing Rights).
- Values used: Total 2026: 2,082,529,842 SDR; Total 2027: 5,650,460,371 SDR; Total 2028: 7,004,829,747 SDR; Total 2029: 7,792,755,072 SDR; Partial total 2030: 3,212,739,388 SDR.
- Operation: Multiply each total by 1.34 (SDR/USD exchange rate). Approximate results: 2026: USD 2,791 million; 2027: USD 7,572 million; 2028: USD 9,386 million; 2029: USD 10,442 million; 2030 (partial): USD 4,305 million.
Context of Georgieva’s visit
The IMF director was in Argentina between Monday and Tuesday of this week. Her agenda included a conference at the Ministry of Economy and the tour of Vaca Muerta. YPF CEO Horacio Marín described the visit as «very productive» and highlighted that Georgieva «was able to see the work of our people, the companies that accompany us every day, and the level of technology and efficiency we have achieved.»
Kicillof, however, linked Georgieva’s presence to the national government’s policies: «They tell us there is an extraordinary economic situation and that we are a source of pride. Where is that? We have families that cannot pay for services and food.»
Upcoming maturities
The next significant maturity is on August 1, 2026, when Argentina must pay 622,614,704 SDR in charges and surcharges. It will be key to observe whether the government uses its own reserves, resorts to new IMF disbursements, or negotiates a postponement. Additionally, the evolution of the SDR exchange rate against the dollar and the official exchange rate in Argentina will directly impact the required fiscal effort.
Fuentes consultadas
- El Destape
- Fondo Monetario Internacional Fuente primaria
El Sereno contrastó las fuentes enlazadas y añadió contexto, comparación o análisis documental. Las fuentes primarias están identificadas. La nota no se presenta como investigación de campo ni como entrevista propia, salvo indicación expresa.
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