{
  "title": "Argentina: Third Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review — Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Argentina",
  "publication": "IMF Staff Country Reports, December 22, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/12/23/argentina-third-review-under-the-extended-arrangement-under-the-extended-fund-facility-527298",
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  "summary": "Early decisive policy implementation by the new economic team was critical to stabilizing markets and begin rebuilding confidence in the run-up to the second review.",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- Early decisive policy implementation by the new economic team was critical to stabilizing markets and begin rebuilding confidence in the run-up to the second review.\n- Domestic demand slowed in response to tighter macroeconomic policies.\n- High frequency indicators point to:\n  - a further moderation in inflation,\n  - a contraction in goods imports,\n  - improvements in the trade balance.\n- The situation remains fragile against a more challenging external and domestic backdrop:\n  - Inflation is still high and unanchored.\n  - Reserves are low.\n  - Confidence needs further strengthening.\n  - Social discontent has risen amid spending restraint and some decline in real wages.\n- Review discussions focused on strengthening macroeconomic policies to safeguard stability and achieve program objectives, with emphasis on:\n  - a durable reduction in inflation,\n  - improvement in reserve coverage."
    },
    {
      "heading": "Major findings and indicators",
      "content": "- Stabilization and confidence:\n  - Early policy actions were effective in stabilizing markets and beginning to rebuild confidence prior to the second review.\n- Demand and external sector:\n  - Domestic demand slowed following tighter macroeconomic policies.\n  - Goods imports contracted.\n  - Trade balance improved.\n- Inflation and reserves:\n  - Inflation shows signs of moderation but remains high and unanchored.\n  - Reserves are described as low, requiring improvement in reserve coverage.\n- Social and distributional effects:\n  - Spending restraint contributed to rising social discontent.\n  - Real wages experienced some decline."
    },
    {
      "heading": "Policy focus and program objectives",
      "content": "- Strengthen macroeconomic policies to:\n  - Safeguard stability.\n  - Achieve program objectives.\n  - Deliver a durable reduction in inflation.\n  - Improve reserve coverage.\n\n---\n\n Content in this bundle\n\n- 1argea2022004 - Executive Summary\n  - 1argea2022004 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1argea2022004 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Structured JSON version](/en/publications/cr/issues/2022/12/23/argentina-third-review-under-the-extended-arrangement-under-the-extended-fund-facility-527298/index.json)",
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    "Published: December 22, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400227417.002",
    "Early decisive policy implementation by the new economic team was critical to stabilizing markets and begin rebuilding confidence in the run-up to the second review.",
    "Domestic demand slowed in response to tighter macroeconomic policies.",
    "High frequency indicators point to:",
    "The situation remains fragile against a more challenging external and domestic backdrop:",
    "Review discussions focused on strengthening macroeconomic policies to safeguard stability and achieve program objectives, with emphasis on:",
    "Stabilization and confidence:",
    "Demand and external sector:",
    "Social and distributional effects:",
    "Strengthen macroeconomic policies to:",
    "**1argea2022004 - Executive Summary**"
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