The International Monetary Fund concluded its second review of Argentina as part of a $56.3 billion funding arrangement reached earlier in 2018, moving one step closer to disbursing an additional $7.6 billion for the country.

Completion of the review is subject to approval from the IMF's executive board, which would make the additional funding available, the agency said in a statement.

A new monetary policy framework put in place by Argentina's central bank in October "has been effective in stabilizing financial markets after the extreme volatility experienced in August and September," the IMF said.

"Strong implementation of the government's plan is essential to pave the way for a rebound of economic activity in 2019 and to support job creation," it said, adding that "eliminating the primary fiscal deficit is a necessary step to reduce the government financing needs and put the debt-to-GDP ratio on a downward path."

The IMF mission conducting the review was in Argentina from Nov. 9 to Nov. 16 and met with Economy Minister Nicolas Dujovne and central bank Governor Guido Sandleris, among other government officials.

"We commend the authorities for their continued efforts to advance their economic reform program, including building political support for key budget legislation," the IMF said.