BUENOS AIRES, July 27 The International Monetary Fund’s managing director arrives in Argentina on Monday as investor confidence in President Javier Milei’s reforms grows, despite worries about a debt repayment crunch that could coincide with his reelection bid.
Argentina’s exports are rising, foreign reserves are accumulating, and once-galloping inflation is decelerating
Last week, Moody’s upgraded the country’s sovereign rating, following earlier upgrades by S&P Global and Fitch, adding to investor optimism around Milei’s efforts to stabilize an economy long associated with boom-and-bust cycles. Yet investors are keeping a close eye on what lies ahead. An IMF report had put Argentina’s 2027 foreign-currency debt bill at $32.3 billion, including interest, before the central bank pushed $6 billion in repo financing into 2028 earlier this month.
The government has said it plans to meet those obligations through a combination of multilateral financing, privatizations and local debt issuance, while avoiding a return to international capital markets. The timing is sensitive because the repayments will come due as Milei is widely expected to seek a second term. Any perception that Milei could struggle to win reelection, or that a successor might change course on economic policy, could weigh on confidence and complicate financing.