## Argentina: Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability and Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Argentina

_IMF Staff Country Reports, October 7, 2022_

## Source details

**Canonical URL:** [Argentina: Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability and Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Argentina](https://www.imf.org/en/publications/cr/issues/2022/10/07/argentina-second-review-under-the-extended-arrangement-under-the-extended-fund-facility-524564)

## Other formats

- [Markdown version](/en/publications/cr/issues/2022/10/07/argentina-second-review-under-the-extended-arrangement-under-the-extended-fund-facility-524564/index.md)
- [Structured JSON version](/en/publications/cr/issues/2022/10/07/argentina-second-review-under-the-extended-arrangement-under-the-extended-fund-facility-524564/index.json)
- [Bundle manifest](/en/publications/cr/issues/2022/10/07/argentina-second-review-under-the-extended-arrangement-under-the-extended-fund-facility-524564/bundle-manifest.json)

## Bibliographic details
- Published: October 7, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400221996.002

---

### Summary of recent developments and review purpose
- Episodes of domestic policy uncertainty and acute market pressures in mid- 2022, coupled with a more challenging global environment, necessitated firmer program implementation and stronger policy reaction to ensure macroeconomic stability, rebuild policy credibility, and safeguard program objectives.
- Initial decisive actions and strengthened commitments by the new economic team since early-August have started to stabilized markets, although the situation is fragile as reserve coverage remains low while inflation is unanchored and stands at multi-year highs.
- The review discussions focused on assessing recent progress, updating the macroeconomic framework, and reaching understandings on a solid policy package to durably restore stability and achieve the program objectives.

### Major themes and policy focus
- Macroeconomic stability: emphasis on firmer program implementation and stronger policy reaction to address domestic uncertainty and global headwinds.
- Policy credibility: rebuilding credibility through decisive actions and strengthened commitments by the economic team.
- Reserve and inflation dynamics: attention to low reserve coverage and unanchored inflation at multi-year highs.
- Program objectives: safeguard and durably restore stability to achieve the Extended Fund Facility program objectives.

### Subject areas and keywords
- Subject: Central banks; Foreign exchange; Government debt management; Inflation; International organization; International reserves; Monetary policy; Prices; Public debt; Public financial management (PFM)
- Keywords: central bank financing; financing of the federal government; Global; Government debt management; Inflation; International reserves; NDF market; non-deliverable futures; policy credibility

---

## Content in this bundle

- **1argea2022003**
  - [1argea2022003 (Markdown version)](/-/media/files/publications/cr/2022/english/1argea2022003.pdf.md){rel="alternate" type="text/markdown"}
  - [1argea2022003 (PDF)](/-/media/files/publications/cr/2022/english/1argea2022003.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2022/10/07/argentina-second-review-under-the-extended-arrangement-under-the-extended-fund-facility-524564_