## Argentina: Technical Assistance Report-Staff Technical Note on Public Debt Sustainability

_IMF Staff Country Reports, March 20, 2020_

## Source details

**Canonical URL:** [Argentina: Technical Assistance Report-Staff Technical Note on Public Debt Sustainability](https://www.imf.org/en/publications/cr/issues/2020/03/20/argentina-technical-assistance-report-staff-technical-note-on-public-debt-sustainability-49284)

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## Bibliographic details
- Published: March 20, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513537962.002

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### Main objective and scope
- Sets out IMF staff’s views on a feasible macroeconomic framework that could underpin a debt restructuring operation to restore debt sustainability with high probability.
- Framework is anchored around the authorities’ broad policy announcements and predicated on IMF staff’s view that a set of policies could be fully developed and implemented to render the macroeconomic framework achievable.
- Emphasizes that the authorities were in the process of elaborating the precise content of their policy agenda at the time of the report.

### Key findings and analysis
- The feasible macroeconomic framework could underpin a debt restructuring operation that restores debt sustainability with high probability.
- There are important downside risks to the feasible macroeconomic framework.
  - Downside risks are especially significant if the adverse global and domestic economic effects of the fast-moving COVID-19 pandemic are larger and more prolonged than assumed in the note.
- Economic conditions are described as rapidly worsening.
- Financial conditions are characterized by very high volatility.
- The rapid deterioration of economic and financial conditions greatly increases uncertainty about the macroeconomic framework, with potential implications for IMF staff’s assessment of debt sustainability.

### Policy implications and prerequisites
- Successful implementation of the feasible macroeconomic framework depends on the authorities fully developing and implementing a set of policies consistent with their broad announcements.
- The assessment implies that policy design and implementation are critical to restore debt sustainability and to mitigate downside risks linked to the COVID-19 shock and volatile financial conditions.

### Subject areas and keywords (as provided)
- Subject: Debt service, Debt sustainability, External debt, Fiscal policy, Fiscal stance, Macro-fiscal framework, Public debt
- Keywords: Argentina, Argentina's debt service, Argentina's debt situation, cash flow, CR, debt, debt operation, Debt service, debt service capacity, debt situation, debt structure, debt sustainability, Debt sustainability, domestic-law FX-denominated debt, economic activity, exchange rate, financing, financing outlook, Fiscal stance, Global, impiied financing, ISCR, Macro-fiscal framework, restructuring operation

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_Source: https://www.imf.org/en/publications/cr/issues/2020/03/20/argentina-technical-assistance-report-staff-technical-note-on-public-debt-sustainability-49284_