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Cover -- CONTENTS -- STABILIZING THE ECONOMY -- OUTLOOK AND RISKS -- PROGRAM IMPLEMENTATION -- ENTRENCHING FISCAL DISCIPLINE -- BRINGING DOWN INFLATION -- IMPROVING TREASURY DEBT MANAGEMENT -- IMPROVING GOVERNANCE AND FIGHTING CORRUPTION -- PROGRAM ISSUES -- EXCEPTIONAL ACCESS CRITERIA -- STAFF APPRAISAL -- BOX -- 1. Improving Governance in Argentina -- FIGURES -- 1. Recent Market Developments -- 2. FX and Monetary Developments -- 3. External Debt Sustainability: Bound Tests -- TABLES -- 1. Selected Economic and Financial Indicators -- 2. Summary Balance of Payments -- 3. Consolidated Public Sector Operations -- 4. Federal Government Operations -- 5a. Summary Operations of the Central Bank -- 5b. Summary Operations of the Banking Sector -- 5c. Summary Operations of the Central Bank (Monthly 2018) -- 5d. Summary Operations of the Central Bank (Monthly 2019) -- 6. External Debt -- 7. Public Debt -- 8. Federal Government Gross Financing Needs and Sources (USmn) -- 9. External Gross Financing Needs and Sources (USmn) -- 10. Schedule of Reviews and Purchases -- 11. Quantitative Performance Criteria and Indicative Targets -- 12. Structural Program Conditionality -- 13. Indicators of Fund Credit, 2018-26 -- 14. External Debt Sustainability Framework, 2013-23 -- ANNEX -- I. Public Debt Sustainability Analysis -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding

Cover -- Contents -- Acronyms -- Executive Summary -- I. Introduction -- II. Progress, Pending Issues, and Recommendations Concerning the Compilation of ESS -- A. Current Account and Capital Account -- B. Financial Account and IIP -- III. Dissemination of ESS and Other Aspects of ESS Preparation in Argentina -- Appendices -- I. Action Plan from the November 2016 Mission with Implementation Status -- II. Participants in Mission Meetings -- III. Summary of Current and Capital Accounts under MBP5 and MBP6 Methodologies -- IV. Agreement Between the BCRA and the INDEC on the Exchange of Information and Release of Debt and DI Survey Data -- V. Quarterly Direct Investment Transactions and Holdings Reporting Form -- VI. Form for Use in Reporting Information on Reserve Transactions -- VII. International Investment Position for 2006-2016 Using the BPM6 Methodology

Cover -- CONTENTS -- ECONOMIC AND POLITICAL CONTEXT -- MARKET VOLATILITY -- A MORE ACCELERATED FISCAL PATH -- PROTECTIONS FOR THE MOST VULNERABLE -- SUPPORTING GENDER EQUITY -- MONETARY FRAMEWORK UNDERPINNING THE PROGRAM -- THE BANKING SYSTEM -- MACROECONOMIC FRAMEWORK AND RISKS -- AN ADVERSE SCENARIO -- PROGRAM MODALITIES -- EXCEPTIONAL ACCESS CRITERIA -- STAFF APPRAISAL -- BOX -- 1. Argentina and Selected FCL/PLL Countries: Comparing Adverse Scenarios -- TABLES -- 1. Priority Social Protection Programs -- 2. Macroeconomic Outlook: Baseline and Adverse Scenarios -- 3. Selected Economic and Financial Indicators -- 4. Summary Balance of Payments, 2014-23 -- 5. Consolidated Public Sector Operations, 2011-23 -- 6. Federal Government Operations, 2015-23 -- 7. Summary Operations of the Financial System, 2015-23 -- 8. External Debt, 2011-23 -- 9. Public Debt, 2011-23 -- 10. Federal Government Gross Financing Needs and Sources -- 11. External Gross Financing Needs and Sources -- 12. Evolution of the BCRA's Balance Sheet -- 13. Schedule of Reviews and Purchases -- 14. Quantitative Performance Criteria, Indicative Targets, and Consultation Clauses -- 15. Structural Program Conditionality -- 16. Indicators of Fund Credit, 2018-26-Baseline Scenario -- 17. Indicators of Fund Credit, 2018-26-Adverse Scenario -- 18. External Debt Sustainability Framework, 2013-23 -- ANNEX -- I. Public Debt Sustainability Analysis -- APPENDIX -- I. Letter of Intent -- I. Attachment I: Memorandum of Economic and Financial Policies -- II. Attachment II: Technical Memorandum of Understanding -- CONTENTS -- INTRODUCTION -- BACKGROUND -- THE NEW STAND-BY ARRANGEMENT-RISKS AND IMPACT ON FUND'S FINANCES -- A. Risks to the Fund -- B. Impact on the Fund's Liquidity Position and Risk Exposure -- ASSESSMENT -- FIGURES -- 1. Debt Ratios for Recent Exceptional Access Arrangements.

Cover -- CONTENTS -- RECENT DEVELOPMENTS -- POLICIES -- A. Monetary Policy -- B. Exchange Rate Policy -- C. Fiscal Policy -- D. Safeguards -- STAFF APPRAISAL -- FIGURES -- 1. Recent Market Developments -- 2. Real and External Sector -- 3. FX and Monetary Developments -- TABLES -- 1. Selected Economic and Financial Indicators.

Cover -- CONTENTS -- DEVELOPMENTS -- POLICY CHANGES -- A. Fiscal Policy -- B. Monetary Policy -- C. Exchange Rate Policy -- D. Debt Management -- IMPACT ON THE MACROECONOMIC OUTLOOK -- IMPLICATIONS FOR THE STAND-BY ARRANGEMENT -- EXCEPTIONAL ACCESS CRITERIA -- STAFF APPRAISAL -- BOX -- 1. Monetary Aggregate Targeting During Stabilization Episodes -- FIGURES -- 1. Recent Market Developments -- 2. Real and External Sector -- 3. FX and Monetary Developments -- TABLES -- 1. Selected Economic and Financial Indicators -- 2. Summary Balance of Payments -- 3. Consolidated Public Sector Operations -- 4. Federal Government Operations -- 5a. Summary Operations of the Central Bank -- 5b. Summary Operations of the Banking Sector -- 5c. Summary Operations of the Central Bank (Monthly) -- 6. External Debt -- 7. Public Debt -- 8. Federal Government-Gross Financing Needs and Sources (USmn) -- 9. External-Gross Financing Needs and Sources (USmn) -- 10. Schedule of Reviews and Purchases -- 11a. Quantitative Performance Criteria, Indicative Targets, and Consultation Clauses - Outturns -- 11b. Quantitative Performance Criteria and Indicative Targets -- 12. Structural Program Conditionality -- 13. Indicators of Fund Credit, 2018-26 -- 14. External Debt Sustainability Framework, 2013-23 -- 15. External Debt Sustainability: Bound Tests -- ANNEX -- I. Public Debt Sustainability Analysis -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- CONTENTS -- INTRODUCTION -- AUGMENTATION AND REPHASING OF THE STAND-BY ARRANGEMENT-RECENT DEVELOPMENTS, AND IMPACT ON FUND'S FINANCES -- A. Recent Developments -- B. Risks to the Fund -- C. Impact on the Fund's Liquidity Position and Risk Exposure -- ASSESSMENT -- FIGURES -- 1. Debt Ratios for Recent Exceptional Access Arrangements.