Argentina: Fifth and Sixth Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Rephasing of Access, Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Argentina

International Monetary Fund

No 2023/312, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Argentina’s Fifth and Sixth Reviews under the Extended Arrangement under the Extended Fund Facility, Request for Rephasing of Access, Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review. Since completion of the fourth review, key program targets were missed reflecting the historic drought along with policy slippages. Against the backdrop of high inflation and rising balance of payments pressures, agreement was reached on a new policy package centered on rebuilding reserves and enhancing fiscal order. Continued strong policy implementation will be critical in the period ahead to safeguard stability and strengthen medium-term sustainability. Risks remain elevated, reflecting an increasingly fragile economic and social situation, rising program implementation difficulties, and election-related uncertainties. In addition, risks could intensify should the projected improvements in climate conditions not materialize, or external conditions worsen. Moreover, even with steadfast implementation, elements of the new policy package may still need to be recalibrated to secure the intended results.

Keywords: recovery objective; electricity price; staff appraisal; waivers of nonobservance of performance criteria; production cost estimate; policy package; Exchange restrictions; Multiple currency practices; Currency markets; Exchange rates; Global; Caribbean (search for similar items in EconPapers)
Pages: 116
Date: 2023-08-25
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