{
  "title": "Argentina: First Review Under the Stand-By Arrangement and Exchange System",
  "publication": "IMF Staff Country Reports, July 25, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/argentina-first-review-under-the-stand-by-arrangement-and-exchange-system-16730",
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  "summary": "The transitional program is broadly on track and quantitative program targets have been met, but structural reforms have been delayed.",
  "sections": [
    {
      "heading": "Overall assessment",
      "content": "- The transitional program is broadly on track and quantitative program targets have been met.\n- Structural reforms have been delayed.\n- There are still risks to revenues and expenditures from possible judicial decisions.\n- The fiscal program may need to be adapted for changes in the macroeconomic framework.\n- Monetary policy continues to face significant uncertainties.\n- Priority needs to be given to providing a predictable regulatory framework for the banking system.\n- Policy preparation can facilitate the transition to the new government."
    },
    {
      "heading": "Fiscal stance, risks, and adjustments",
      "content": "- Quantitative program targets: met.\n- Risks to revenues and expenditures: ongoing, notably from possible judicial decisions.\n- Policy implication: the fiscal program may need to be adapted for changes in the macroeconomic framework."
    },
    {
      "heading": "Monetary policy and banking sector",
      "content": "- Monetary policy: continues to face significant uncertainties.\n- Banking system: priority is to provide a predictable regulatory framework."
    },
    {
      "heading": "Structural reforms and implementation",
      "content": "- Structural reforms: delayed relative to the program timetable.\n- Implementation challenge: advance policy preparation to ease the transition to the new government.\n\nInternational Monetary Fund. \"Argentina: First Review Under the Stand-By Arrangement and Exchange System\", IMF Staff Country Reports 2003, 214 (2003), accessed 9/9/2026, https://doi.org/10.5089/9781451801330.002\n\n---\n\n Content in this bundle\n\n- Argentina: First Review Under the Stand-By Arrangement and Exchange System - ISCR/03/214\n  - Argentina: First Review Under the Stand-By Arrangement and Exchange System - ISCR/03/214 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Argentina: First Review Under the Stand-By Arrangement and Exchange System - ISCR/03/214 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement, Exchange System The",
    "Published: July 25, 2003",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451801330.002",
    "The transitional program is broadly on track and quantitative program targets have been met.",
    "Structural reforms have been delayed.",
    "There are still risks to revenues and expenditures from possible judicial decisions.",
    "The fiscal program may need to be adapted for changes in the macroeconomic framework.",
    "Monetary policy continues to face significant uncertainties.",
    "Priority needs to be given to providing a predictable regulatory framework for the banking system.",
    "Policy preparation can facilitate the transition to the new government.",
    "Quantitative program targets: met.",
    "Risks to revenues and expenditures: ongoing, notably from possible judicial decisions.",
    "Policy implication: the fiscal program may need to be adapted for changes in the macroeconomic framework.",
    "Monetary policy: continues to face significant uncertainties.",
    "Structural reforms: delayed relative to the program timetable.",
    "Implementation challenge: advance policy preparation to ease the transition to the new government.",
    "**Argentina: First Review Under the Stand-By Arrangement and Exchange System - ISCR/03/214**"
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