Argentina: Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria
IMF Staff Country Reports, July 9, 2004
Source details
- Canonical URL
- Argentina: Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria
Other formats
Bibliographic details
- Authors: Arrangement, Requests
- Published: July 9, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451801347.002
Executive summary and main findings
- The paper examines Argentina’s Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria.
- The economy is recovering rapidly, while inflation remains subdued.
- Strengthening consumer and business confidence and cautious monetary and fiscal policies have facilitated:
- further reductions in interest rates,
- a stable peso,
- further reserve accumulation.
- Buoyant tax revenues resulted in larger-than-programmed fiscal savings in 2003.
- High commodity prices and strengthening partner country demand are pushing export receipts to record levels.
- Imports continue to surge, driven by buoyant economic activity.
Policy stance and macroeconomic management
- Monetary policy: cautious approach contributing to lower interest rates and exchange rate stability.
- Fiscal policy: cautious stance with fiscal savings exceeding program targets in 2003 due to buoyant tax revenues.
- Balance sheet outcome: further reserve accumulation reported.
External sector and trade developments
- Exports: record export receipts attributed to high commodity prices and stronger partner country demand.
- Imports: surge in imports driven by buoyant domestic economic activity.
Areas of institutional and sectoral focus
- Subject areas explicitly covered include:
- Arrears,
- Asset and liability management,
- Banking,
- Debt restructuring,
- External debt,
- Public debt,
- Revenue administration,
- Tariffs,
- Taxes.
Keywords and technical emphases
- Keywords listed in the source: Arrears, authorities' cooperation, banking strategy, CR, debt, debt exchange, debt exchange offer, Debt restructuring, Global, ISCR, management bank, staff appraisal, Tariffs.
Publication and document identifiers
- Date: July 9, 2004
- Pages: 63
- Volume: 2004
- Issue: 195
- Series: Country Report No. 2004/195
- DOI: https://doi.org/10.5089/9781451801347.002
- Stock No: 1ARGEA0022004
- ISBN: 9781451801347
- ISSN: 1934-7685
Argentina: Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria, July 9, 2004.