{
  "title": "Argentina: Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria",
  "publication": "IMF Staff Country Reports, July 9, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/argentina-second-review-under-the-stand-by-arrangement-and-requests-for-modification-and-17522",
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  "summary": "This paper examines Argentina’s Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria. The economy is recovering rapidly, while inflation remains subdued.",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- The paper examines Argentina’s Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria.\n- The economy is recovering rapidly, while inflation remains subdued.\n- Strengthening consumer and business confidence and cautious monetary and fiscal policies have facilitated:\n  - further reductions in interest rates,\n  - a stable peso,\n  - further reserve accumulation.\n- Buoyant tax revenues resulted in larger-than-programmed fiscal savings in 2003.\n- High commodity prices and strengthening partner country demand are pushing export receipts to record levels.\n- Imports continue to surge, driven by buoyant economic activity."
    },
    {
      "heading": "Policy stance and macroeconomic management",
      "content": "- Monetary policy: cautious approach contributing to lower interest rates and exchange rate stability.\n- Fiscal policy: cautious stance with fiscal savings exceeding program targets in 2003 due to buoyant tax revenues.\n- Balance sheet outcome: further reserve accumulation reported."
    },
    {
      "heading": "External sector and trade developments",
      "content": "- Exports: record export receipts attributed to high commodity prices and stronger partner country demand.\n- Imports: surge in imports driven by buoyant domestic economic activity."
    },
    {
      "heading": "Areas of institutional and sectoral focus",
      "content": "- Subject areas explicitly covered include:\n  - Arrears,\n  - Asset and liability management,\n  - Banking,\n  - Debt restructuring,\n  - External debt,\n  - Public debt,\n  - Revenue administration,\n  - Tariffs,\n  - Taxes."
    },
    {
      "heading": "Keywords and technical emphases",
      "content": "- Keywords listed in the source: Arrears, authorities' cooperation, banking strategy, CR, debt, debt exchange, debt exchange offer, Debt restructuring, Global, ISCR, management bank, staff appraisal, Tariffs."
    },
    {
      "heading": "Publication and document identifiers",
      "content": "- Date: July 9, 2004\n- Pages: 63\n- Volume: 2004\n- Issue: 195\n- Series: Country Report No. 2004/195\n- DOI: https://doi.org/10.5089/9781451801347.002\n- Stock No: 1ARGEA0022004\n- ISBN: 9781451801347\n- ISSN: 1934-7685\n\nArgentina: Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria, July 9, 2004.\n\n---\n\n Content in this bundle\n\n- cr04195\n  - cr04195 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr04195 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2016/12/30/argentina-second-review-under-the-stand-by-arrangement-and-requests-for-modification-and-17522/index.md)",
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    "Authors: Arrangement, Requests",
    "Published: July 9, 2004",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451801347.002",
    "The paper examines Argentina’s Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria.",
    "The economy is recovering rapidly, while inflation remains subdued.",
    "Strengthening consumer and business confidence and cautious monetary and fiscal policies have facilitated:",
    "Buoyant tax revenues resulted in larger-than-programmed fiscal savings in 2003.",
    "High commodity prices and strengthening partner country demand are pushing export receipts to record levels.",
    "Imports continue to surge, driven by buoyant economic activity.",
    "Monetary policy: cautious approach contributing to lower interest rates and exchange rate stability.",
    "Fiscal policy: cautious stance with fiscal savings exceeding program targets in 2003 due to buoyant tax revenues.",
    "Balance sheet outcome: further reserve accumulation reported.",
    "Exports: record export receipts attributed to high commodity prices and stronger partner country demand.",
    "Imports: surge in imports driven by buoyant domestic economic activity.",
    "Subject areas explicitly covered include:",
    "Keywords listed in the source: Arrears, authorities' cooperation, banking strategy, CR, debt, debt exchange, debt exchange offer, Debt restructuring, Global, ISCR, management bank, staff appraisal, Tariffs.",
    "Date: July 9, 2004",
    "Pages: 63",
    "Volume: 2004",
    "Issue: 195",
    "Series: Country Report No. 2004/195",
    "DOI: https://doi.org/10.5089/9781451801347.002",
    "Stock No: 1ARGEA0022004",
    "ISBN: 9781451801347",
    "ISSN: 1934-7685",
    "**_cr04195**"
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