The International Monetary Fund's managing director arrives in Argentina on Monday as investor confidence in President Javier Milei's reforms grows, despite worries about a debt repayment crunch that could coincide with his reelection bid. Kristalina Georgieva's trip, her first to Argentina as IMF chief, includes meetings with Milei and Economy Minister Luis Caputo, as well as a visit to the Vaca Muerta shale formation, a cornerstone of the government's strategy to boost energy exports. The visit comes ahead of a third review of Argentina's $20 billion IMF program, with the Fund consistently backing the government's fiscal discipline and efforts to lower monthly inflation from 25.5% in December 2023 to 1.9% in June. An IMF report had put Argentina's 2027 foreign-currency debt bill at $32.3 billion, including interest, before the central bank pushed $6 billion in repo financing into 2028 earlier this month. The government plans to meet obligations through multilateral financing, privatizations, and local debt issuance, while avoiding a return to international capital markets.