IMF Staff Statement on Argentina
IMF News, October 12, 2020
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Bibliographic details
- Published: October 12, 2020
Visit and meetings
- Press Release No. 20/312; publication date: October 12, 2020.
- IMF team led by Julie Kozack, Deputy Director of the Western Hemisphere Department, and Luis Cubeddu, Mission chief for Argentina.
- IMF team visited Buenos Aires from October 6 to 11, 2020.
- Meetings included: Economy Minister Martín Guzmán, Central Bank President Miguel Pesce, Strategic Affairs Secretary Gustavo Béliz, Social Development Minister Daniel Arroyo, Production and Development Minister Matías Kulfas, Deputy Chief of Cabinet Cecília Todesca, other senior public officials, and representatives of congress, the private sector, trade unions and civil society.
- IMF Executive Director for Argentina Sergio Chodos participated in the discussions.
- Media contact: IMF Communications Department, PRESS OFFICER: Raphael Anspach, Phone: +1 202 623-7100, Email: MEDIA@IMF.org, Twitter: @IMFSpokesperson.
Economic assessment and challenges identified
- Argentina is facing complex economic and social difficulties in the context of an unprecedented health crisis.
- The country is in a deep recession that has led to an increase in already-high poverty and unemployment levels.
- Effects of the recession are being exacerbated by significant pressures in the FX market.
- Statement characterization: "These are exceptionally difficult challenges with no easy solutions."
Authorities’ policy plans and IMF staff response
- Staff gained a deeper understanding of the authorities’ policy plans to stabilize the economy and put it on a more sustainable and inclusive growth path.
- Staff welcomed the authorities’ commitment to:
- policies to secure a growth-friendly fiscal consolidation while also protecting the most vulnerable;
- enabling a gradual reduction in inflation;
- boosting job creation, investment and exports.
- IMF staff view: A comprehensive set of policies could underpin a restoration of confidence, but will need to be very carefully calibrated to promote the recovery and secure macro-economic stability.
Next steps and engagement
- IMF staff will continue to engage closely with the authorities.
- Staff plans to return to Buenos Aires in mid-November to initiate discussions on a new IMF-supported program.
IMF Staff Statement on Argentina — Press Release No. 20/312 (October 12, 2020).