The International Monetary Fund (IMF) on Thursday offered timely backing to President Javier Milei, highlighting Argentina’s economic “progress” and urging the government to stay the course. Speaking days after the ruling party suffered a stinging defeat in key regional elections in Buenos Aires Province, Kozack hailed the Milei administration’s progress on inflation and fiscal surplus figures. However, she warned of “interest rate volatility” and the “negative effects” it could have on economic activity. Argentina also has a US$44-billion programme with the Fund dating back to 2018, agreed by the former president Mauricio Macri’s government. The authorities clarified that it was a temporary measure in response to high market volatility,” she explained.