The International Monetary Fund said on Thursday its executive board completed the second review of Argentina's 48-month Extended Fund Facility program, unlocking an immediate disbursement of about $1 billion and bringing total disbursements under the arrangement to about $15.8 billion.

The IMF said Argentina's reform momentum had "strengthened" through fiscal, trade and labor measures, as well as refinements to the country's monetary and foreign exchange framework.

The lender added that the changes contributed to reserve accumulation and improved market confidence despite a "more challenging global and domestic backdrop."

While Argentina missed its end-December target for net international reserves accumulation, the IMF said "most key performance criteria and indicative targets were met" and corrective measures had since been implemented.

IMF Managing Director Kristalina Georgieva said policy adjustments helped deliver "renewed disinflation" and stronger external stability.