Argentina: Ex-Post Evaluation of Exceptional Access Under the 2018 Stand-By Arrangement-Press Release and Staff Report

IMF Staff Country Reports, December 22, 2021

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Canonical URL: Argentina: Ex-Post Evaluation of Exceptional Access Under the 2018 Stand-By Arrangement-Press Release and Staff Report

On June 20, 2018, the Executive Board approved the largest stand-by arrangement in the Fund’s history, in support of Argentina’s 2018-21 economic program.
After an augmentation in October 2018, access under the arrangement amounted to US$57 billion (1,227 percent of Argentina’s IMF quota).
The program completed only four of the planned twelve reviews.
The arrangement did not fulfil the objectives of restoring confidence in fiscal and external viability while fostering economic growth.
The arrangement was canceled on July 24, 2020.

Exceptional access of US$57 billion was granted but program implementation was limited, with only four of twelve reviews completed.
Program objectives—restoring confidence in fiscal and external viability and fostering economic growth—were not achieved.
The arrangement’s cancellation on July 24, 2020, marks the end of the 2018-21 program’s implementation under the approved stand-by arrangement.

Subject: Exchange rates, Fiscal consolidation, Fiscal policy, Foreign exchange, Inflation, Inflation targeting, International organization, Monetary policy, Prices, Public debt
Keywords: Argentina program, Caribbean, Exchange rates, Fiscal consolidation, fund policy, Global, government ownership, IMF arrangement, IMF financial support, Inflation, Inflation targeting, policy choice, policy space