## Statement by the First Deputy Managing Director on Argentina

_IMF News, February 23, 2024_

## Source details

**Canonical URL:** [Statement by the First Deputy Managing Director on Argentina](https://www.imf.org/en/news/articles/2024/02/23/pr2455-argentina-statement-by-the-first-deputy-managing-director)

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## Bibliographic details
- Published: February 23, 2024

---

### Visit overview
- 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
  - Phone: +1 202 623-7100
  - Email: MEDIA@IMF.org
- Speaker: Gita Gopinath, International Monetary Fund First Deputy Managing Director

### Key observations from the visit
- 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."

### Meetings with government and IMF assessment
- Government counterparts met:
  - President Javier Milei
  - Chief of Cabinet Nicolas Posse
  - Economy Minister Luis Caputo
  - BCRA President Santiago Bausili
- IMF appraisal:
  - Noted "important initial gains in restoring macroeconomic stability and establishing a strong fiscal anchor."
  - Emphasized remaining challenges: continued efforts required on monetary and FX policy to "bring down inflation, rebuild reserves, and strengthen credibility."

### Policy guidance and near-term priorities
- Monetary and FX policy:
  - Need for "consistent and well-communicated monetary and FX policy" to continue disinflation, reserve rebuilding, and credibility enhancement.
- Social protection and distributional considerations:
  - 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."
  - Stressed the importance of ensuring "the burden of the adjustment does not fall disproportionately on working families."
  - Called for pragmatic work to "build social and political support" to secure "durability and effectiveness of reforms."

### Views from broader society
- Stakeholders consulted included academics, labor, civil society organizations, and private sector firms.
- Common messages:
  - Broad recognition that Argentina needs "market-oriented reforms to reverse a long-term decline in living standards."
  - Reforms should be "designed and sequenced to ensure sustained and inclusive growth."

### IMF engagement going forward
- 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."

*Statement by the First Deputy Managing Director on Argentina — February 22, 2024*

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## References

- [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)

_Source: https://www.imf.org/en/news/articles/2024/02/23/pr2455-argentina-statement-by-the-first-deputy-managing-director_