{
  "title": "Argentina: Request for Stand-By Arrangement-Press Release and Staff Report",
  "publication": "IMF Staff Country Reports, July 13, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/07/13/argentina-request-for-stand-by-arrangement-press-release-and-staff-report-46078",
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  "summary": "Despite a difficult economic context, President Macri’s administration, over the past two and a half years, has taken bold steps to eliminate a wide range of distortions in the economy.",
  "sections": [
    {
      "heading": "Background and policy actions (past two and a half years)",
      "content": "- President Macri’s administration took \"bold steps to eliminate a wide range of distortions in the economy.\"\n- Efforts to strengthen institutions included \"the complete reconstruction of the statistics agency, in an effort to restore credibility to Argentine data.\"\n- The administration pursued \"an assertive effort to tackle corruption.\"\n- Fiscal consolidation followed a \"gradual approach.\""
    },
    {
      "heading": "External and domestic shocks, and market response",
      "content": "- A tightening of global financial conditions occurred alongside a \"poor harvest\" and \"the introduction of a tax on nonresident holdings of short-term central bank paper,\" which \"generated significant anxiety among market participants.\"\n- Starting in mid-April, Argentina experienced \"abrupt balance of payments pressures\" as \"both domestic and foreign investors decided to liquidate their position in onshore peso assets.\"\n- To stem outflows, the authorities:\n  - \"significantly increased short-term interest rates,\"\n  - \"tightened fiscal policy,\" and\n  - \"sold foreign exchange.\""
    },
    {
      "heading": "IMF engagement",
      "content": "- \"Shortly after taking these steps the government announced its intention to approach the IMF for an exceptional access Stand-By Arrangement.\"\n- This content is presented as an IMF Staff Country Report."
    },
    {
      "heading": "Subject tags and keywords (as provided)",
      "content": "- Subject: Banking, Debt service, External debt, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt\n- Keywords: Argentina, auction, auction participant, auction rate, CR, Debt service, Fiscal stance, FX auction, Global, Inflation, ISCR, price, price auction, trading-hours FX intervention\n\nInternational Monetary Fund. Western Hemisphere Dept. \"Argentina: Request for Stand-By Arrangement-Press Release and Staff Report\", IMF Staff Country Reports 2018, 219 (2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement-Press Release, Staff Report Despite",
    "Published: July 13, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484367551.002",
    "President Macri’s administration took \"bold steps to eliminate a wide range of distortions in the economy.\"",
    "Efforts to strengthen institutions included \"the complete reconstruction of the statistics agency, in an effort to restore credibility to Argentine data.\"",
    "The administration pursued \"an assertive effort to tackle corruption.\"",
    "Fiscal consolidation followed a \"gradual approach.\"",
    "A tightening of global financial conditions occurred alongside a \"poor harvest\" and \"the introduction of a tax on nonresident holdings of short-term central bank paper,\" which \"generated significant anxiety among market participants.\"",
    "Starting in mid-April, Argentina experienced \"abrupt balance of payments pressures\" as \"both domestic and foreign investors decided to liquidate their position in onshore peso assets.\"",
    "To stem outflows, the authorities:",
    "\"Shortly after taking these steps the government announced its intention to approach the IMF for an exceptional access Stand-By Arrangement.\"",
    "This content is presented as an IMF Staff Country Report.",
    "Subject: Banking, Debt service, External debt, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt",
    "Keywords: Argentina, auction, auction participant, auction rate, CR, Debt service, Fiscal stance, FX auction, Global, Inflation, ISCR, price, price auction, trading-hours FX intervention",
    "**Country Report**"
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