Argentina: Second Review Under the Stand-By Arrangement and Request for Waivers of Nonobservance and Applicability of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 215

Publication date: July 2003

ISBN: 9781451801354

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , successor program , Stand-By Arrangement , Argentina's Stand-By Arrangement , government , executive board discussion , government loan , financing information , Bank resolution , Arrears , Public sector , Europe

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Summary

Sound macroeconomic policies are key to improving market sentiment and smoothing the political transition. Implementation of structural reforms has been disappointing. The introduction of a further stay on mortgage foreclosures sends a highly negative signal about the protection of creditor rights. Continuation of a prudent fiscal policy will be the first challenge for the new administration. A cautious easing of monetary policy appears warranted given recent price and exchange rate trends. The new administration faces enormous challenges in advancing toward an appropriately comprehensive structural reform program.