Argentina
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.