By last weekend the International Monetary Fund (IMF) had completed its third review of its agreement with Argentina earlier on December, thus permitting the release of US$6 billion in the course of this month for the relief of faltering Central Bank reserves. The team of Economy Ministry officials headed by chief advisor Leonardo Madcur returned to Buenos Aires “satisfied” with the IMF report concluding: “The prudent macroeconomic management and the efforts to mobilise external financing are supporting macroeconomic stability, re-establishing fiscal order, moderating inflation, improving the balance of trade and strengthening the coverage of reserves” while retaining the programme objectives for the rest of this year and the next but also warning that the scenario continues to be “fragile.” While the IMF continues to set the target for reserve accumulation for US$9.8 billion by the end of next year, this year’s requirement has been scaled down from US$5.8 to US$5 billion with the remaining 4.8 billion left for next year, thus skipping the need to request a waiver.