Argentina: Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria
Volume/Issue:
Volume 2004
Issue 195
Publication date: July 2004
ISBN: 9781451801347
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Topics covered in this book
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Business and Economics , Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Taxation - General , ISCR , CR , debt , staff appraisal , banking strategy , authorities' cooperation , debt exchange offer , debt exchange , management bank , Debt restructuring , Arrears , Tariffs , Global
Summary
This paper examines Argentina’s Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria. The economy is recovering rapidly, while inflation remains subdued. Strengthening consumer and business confidence and cautious monetary and fiscal policies have facilitated further reductions in interest rates, a stable peso, and further reserve accumulation. Buoyant tax revenues resulted in larger-than-programmed fiscal savings in 2003. Although high commodity prices and strengthening partner country demand are pushing export receipts to record levels, imports also continue to surge, driven by buoyant economic activity.
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