Argentina’s Treasury financing plan for 2026-2027 shows a proactive approach to meeting hard-currency funding needs ahead of next year’s elections, Fitch Ratings says. To ensure accumulation of international reserves, however, the plan would need to be accompanied by further large purchases of FX by the central bank (BCRA). Improvement in external buffers will be key to the sovereign rating trajectory following our upgrade of Argentina to B-/Stable in May. [....]