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With apologies to @IMFNews the one thing Milei's policy mix has done badly at is "rebuild[ing] reserves" -- in fact Milei has spent most of 2025 spending down the limited existing stock
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Sep 25, 2025
Very constructive meeting with President @JMilei today in New York. We stand with Argentina as it implements policies to safeguard stability, reduce inflation, rebuild reserves, and boost growth prospects.
The BCRA's BoP data set shows the same story -- a ~ $10b reserve draw trough July once the new IMF loan is netted out ...
Doing more of the same and hoping for a better outcome isn't a real plan ...
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