IMF says Argentina needs more ambitious reserve accumulation policies

Dec 4 (Reuters) - Argentina's monetary and foreign exchange policies will need to support a stronger accumulation of reserves to facilitate the country's access to international capital markets, the International Monetary Fund said on Thursday.

"Monetary and FX policies will need to support a more ambitious reserve accumulation path to build adequate buffers in Argentina," IMF spokesperson Julie Kozack said in a scheduled press briefing, adding that a "concerted effort" in that sense from President Javier Milei's government is essential.

"This will help Argentina better address shocks, and it will also help facilitate a timely re-access to international capital markets."

Argentina has signalled it is looking to issue international bonds under specific scenarios, while local governments and corporations have already begun to tap the market.

Kozack said the IMF will assess the details of the announced $20 billion swap line extended by the U.S. to Argentina to determine whether it can be treated as part of the South American country's reserves, and in what manner. The result of this assessment will be included in the global lender's next staff report, she said.

The IMF said it will measure the next set of targets included in its Argentina program at the end of December, after which a new review could be scheduled. There is no date set yet for the next country mission, Kozack said.

(Reporting by Rodrigo Campos and Andrea Shalal; Editing by Paul Simao)

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