The IMF reached a staff-level agreement to release USD 7.5 bln to Argentina as part of the USD 44 bln EFF signed in March 2022. However, the disbursement is contingent on the board’s approval of the fifth and sixth reviews of the EFF, which may not occur until after the presidential primaries on August 13. Argentina did not meet any performance criteria for the disbursement related to the fifth review, but it still received the funds, including some in advance. Meanwhile, the CAF Development Bank granted Argentina a USD 1 bln bridge loan.