IMF Staff Country Reports

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

Publication Date:

July 25, 2003

Electronic Access:

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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.

Series:

Country Report No. 2003/215

Subject:

Arrears Bank resolution Banking Economic sectors Expenditure External debt Financial crises Monetary base Public debt Public sector