The International Monetary Fund (IMF) has reached a staff-level agreement with Argentina to unlock $7.5 billion and complete the fifth and sixth reviews of the country's $44 billion loan program. The agreement eases program requirements due to the impact of a devastating drought on Argentina's economy. The IMF's Executive Board still needs to approve the agreement, and a meeting is scheduled for the second half of August. Argentina must take additional measures, known as prior actions, between the staff-level agreement and board approval. The next review is expected in November, a month earlier than scheduled.

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