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

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

Volume/Issue: Volume 2021 Issue 279

Publication date: December 2021

ISBN: 9781616357993

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Topics covered in this book

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International - Economics , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , fund policy , policy choice , Argentina program , IMF arrangement , IMF financial support , government ownership , policy space , Inflation , Inflation targeting , Exchange rates , Fiscal consolidation , Global , Caribbean

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Summary

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 saw only four of the planned twelve reviews completed, and 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.