{
  "title": "Statement by the First Deputy Managing Director on Argentina",
  "publication": "IMF News, February 23, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/02/23/pr2455-argentina-statement-by-the-first-deputy-managing-director",
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  "summary": "Statement by the First Deputy Managing Director on Argentina",
  "publishDate": "2024-02-23",
  "sections": [
    {
      "heading": "Visit overview",
      "content": "- Press Release No. 24/55\n- Location and dates: Buenos Aires, Argentina — February 21-22, 2024 (statement dated February 22, 2024)\n- Issued by: IMF Communications Department, MEDIA RELATIONS\n- Press officer: Jose Luis De Haro\n  - Phone: +1 202 623-7100\n  - Email: MEDIA@IMF.org\n- Speaker: Gita Gopinath, International Monetary Fund First Deputy Managing Director"
    },
    {
      "heading": "Key observations from the visit",
      "content": "- Characterization of visit: \"I had an excellent first visit to Buenos Aires.\"\n- Direct engagement: Met a \"wide range of stakeholders\" and heard \"first-hand\" about progress and hardships facing the Argentine people.\n- Recognition of opportunities: Argentina \"has tremendous human potential as well as unique opportunities in energy, mining, and technology.\""
    },
    {
      "heading": "Meetings with government and IMF assessment",
      "content": "- Government counterparts met:\n  - President Javier Milei\n  - Chief of Cabinet Nicolas Posse\n  - Economy Minister Luis Caputo\n  - BCRA President Santiago Bausili\n- IMF appraisal:\n  - Noted \"important initial gains in restoring macroeconomic stability and establishing a strong fiscal anchor.\"\n  - Emphasized remaining challenges: continued efforts required on monetary and FX policy to \"bring down inflation, rebuild reserves, and strengthen credibility.\""
    },
    {
      "heading": "Policy guidance and near-term priorities",
      "content": "- Monetary and FX policy:\n  - Need for \"consistent and well-communicated monetary and FX policy\" to continue disinflation, reserve rebuilding, and credibility enhancement.\n- Social protection and distributional considerations:\n  - Given \"near-term stabilization costs,\" recommended \"sustained efforts to support vulnerable segments of the population and preserve the real value of social assistance and pensions.\"\n  - Stressed the importance of ensuring \"the burden of the adjustment does not fall disproportionately on working families.\"\n  - Called for pragmatic work to \"build social and political support\" to secure \"durability and effectiveness of reforms.\""
    },
    {
      "heading": "Views from broader society",
      "content": "- Stakeholders consulted included academics, labor, civil society organizations, and private sector firms.\n- Common messages:\n  - Broad recognition that Argentina needs \"market-oriented reforms to reverse a long-term decline in living standards.\"\n  - Reforms should be \"designed and sequenced to ensure sustained and inclusive growth.\""
    },
    {
      "heading": "IMF engagement going forward",
      "content": "- Commitment: \"My team and I will continue working closely with President Milei and his team to support their efforts to restore stability and strengthen growth for the benefit of all Argentines.\"\n- Closing remark: Expression of gratitude for \"the warm hospitality I received during my first visit to this beautiful country.\"\n\nStatement by the First Deputy Managing Director on Argentina — February 22, 2024\n\n---\n\n\n References\n\n- Gita Gopinath\n- Argentina and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/02/23/pr2455-argentina-statement-by-the-first-deputy-managing-director"
    }
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    "Published: February 23, 2024",
    "Press Release No. 24/55",
    "Location and dates: Buenos Aires, Argentina — February 21-22, 2024 (statement dated February 22, 2024)",
    "Issued by: IMF Communications Department, MEDIA RELATIONS",
    "Press officer: Jose Luis De Haro",
    "Speaker: Gita Gopinath, International Monetary Fund First Deputy Managing Director",
    "Characterization of visit: \"I had an excellent first visit to Buenos Aires.\"",
    "Direct engagement: Met a \"wide range of stakeholders\" and heard \"first-hand\" about progress and hardships facing the Argentine people.",
    "Recognition of opportunities: Argentina \"has tremendous human potential as well as unique opportunities in energy, mining, and technology.\"",
    "Government counterparts met:",
    "IMF appraisal:",
    "Monetary and FX policy:",
    "Social protection and distributional considerations:",
    "Stakeholders consulted included academics, labor, civil society organizations, and private sector firms.",
    "Common messages:",
    "Commitment: \"My team and I will continue working closely with President Milei and his team to support their efforts to restore stability and strengthen growth for the benefit of all Argentines.\"",
    "Closing remark: Expression of gratitude for \"the warm hospitality I received during my first visit to this beautiful country.\"",
    "[Gita Gopinath](https://www.imf.org/en/about/senior-officials/bios/shirin-hamid)",
    "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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