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Cover -- CONTENTS -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- INTRODUCTION -- INSTITUTIONAL AND DATA COVERAGE OF THE GENERAL GOVERNMENT AND PUBLIC SECTORS -- RECORDING, COMPILING, AND REPORTING GFS -- A. COFOG Reporting -- B. Reporting of Current and Capital Expenditure -- C. Disaggregating Expense Transactions into Subsidies, Grants, Social Benefits, and Other Transfers -- D. Classifying and Reporting Transactions by Economic Nature -- E. Reporting GFS and Public Debt Statistics -- MIGRATION PLAN TO GFSM 2014 -- RESOURCES, TRAINING, AND TECHNICAL ASSISTANCE -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Project Outputs -- B. Main Counterparts Met During the Mission -- TABLES -- 1. Priority Recommendations -- APPENDICES -- I. Budgetary Central Government COFOG Data for 2012-2013 to 2015-2016 -- II. Sample Breakdown of Grants and Subventions Expenditures into GFMS 2014 Classification Categories.

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- BANKING SECTOR SOLVENCY STRESS TESTS -- A. Macroeconomic Scenarios -- B. Top-Down Solvency Stress Test of Banks -- C. Credit Risk Estimation -- D. Market Risk -- E. Solvency Stress Test Results -- F. Solvency Tests Based on Sensitivity Analysis -- LIQUIDITY STRESS TESTS -- A. Funding Structure -- B. LCR-Based Liquidity Stress Test -- C. NSFR-Based Liquidity Stress Test -- D. Cashflow-Based Liquidity Stress Test -- STRESS TEST OF NONBANK FINANCIAL LENDERS -- A. Introduction to the Sector -- B. Results -- INTERCONNECTEDNESS ANALYSIS AND CONTAGION RISKS -- A. Domestic Contagion Analysis -- B. Cross-Border Contagion Risks -- CONCLUSION -- References -- FIGURES -- 1. Summary of Romania FSAP Risk Analysis -- 2. Macroeconomic Baseline and Stress Scenarios -- 3. Balance Sheet Characteristics -- 4. Projected Default Rates Under the Baseline Scenario -- 5. Projected Default Rates Under the Adverse Scenario -- 6. Credit Losses Under the Adverse Scenario -- 7. Composition of Securities Portfolios -- 8. Stress Test Results -- 9. Single Factor Sensitivity Tests -- 10. Structure of Funding and HQLA Composition -- 11. LCR Ratio, December 2016 -- 12. NSFR ASF and RSF Factors -- 13. NBFLs-Composition of the Balance Sheet and Credit Portfolio -- 14. NBFLs-NPLs, Coverage and Capital Ratios -- 15. NBFLs-Results of the Sensitivity Test -- 16. Domestic Interbank Exposure -- 17. Bank-NBFL Exposures -- 18. Direct Exposures of Parent Banks to NBFLs -- 19. Cross-Border Exposure -- TABLES -- 1. Recommendations from Stress Testing and Risk Assessment -- 2. FSAP Stress Test Adverse Scenario -- 3. FSAP Stress Test Baseline and Adverse Scenarios -- 4. Hurdle Rates for the Banking Sector Solvency Stress Tests -- 5. Banking Sector Solvency Stress Test Results -- 6. Banking Sector LCR Stress Test Results

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- BACKGROUND -- A. Introduction -- B. Institutional Arrangements -- C. Scope -- FOUNDATIONS OF ROMANIA'S CRISIS MANAGEMENT FRAMEWORK -- A. Resolution Regime -- B. Deposit Insurance -- C. Liquidity Assistance -- D. Liquidation Regime -- AREAS FOR FURTHER STRENGTHENING -- A. Institutional Arrangements for Bank Resolution and Crisis Preparedness -- B. Deposit Insurance Policies and Operations -- C. Emergency Liquidity Assistance Policies -- D. Involvement of NBR in Liquidation Regime -- BOXES -- 1. Implementation of the 2010 FSAP Key Recommendations in the Area of Crisis Management -- 2. Key Elements of the Bank Resolution and Recovery Directive -- TABLES -- 1. Main Recommendations -- 2. FGDB: Key Indicators -- ANNEXES -- I. Key Regulatory and Organizational Measures Since 2010 -- II. The Simulation Exercise of 2013

Cover -- CONTENTS -- ACRONYMS -- BACKGROUND AND RECENT DEVELOPMENTS -- PROGRAM DESIGN -- A. Program Objectives -- B. Fiscal Adjustment -- C. Monetary and Exchange Rate Policy -- D. Debt Restructuring and Management -- E. Structural Reforms to Support Growth -- F. Program Oversight -- G. Data Issues -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Transfers and State-Owned Enterprises -- 2. Key Elements of the Debt Restructuring -- FIGURES -- 1. Real Sector Developments -- 2. Fiscal Sector Developments -- 3. External Sector Developments -- 4. Monetary Sector Developments -- 5. Financial Sector Developments -- 6. Social Development Indicators -- 7. Competitiveness Indicators -- 8. Economic Performance in a Regional Context -- TABLES -- 1. Selected Economic Indicators, 2015-19 -- 2a. Central Government Operations, FY 2015-24 (in millions of Barbados dollars) -- 2b. Central Government Operations, FY 2015-24 (in percent of GDP) -- 3. Public Debt, FY 2015-24 -- 4a. Balance of Payments, 2015-23 (in millions of US) -- 4b. Balance of Payments, 2015-23 (in percent of GDP, unless otherwise indicated) -- 5. Monetary Survey, 2015-23 -- 6. Medium-Term Macroeconomic Framework, 2015-23 -- 7. Financial Sector Indicators, 2011-17 -- 8. Schedule of Purchases under the EFF Supported Program -- APPENDIXES -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- II. Public Debt Sustainability Analysis -- III. Indicators of Fund Credit -- IV. External Sector Assessment.

Cover -- CONTENTS -- FINANCIAL CONDITIONS AND GROWTH AT RISK IN PORTUGAL -- A. Introduction -- B. Macro-Financial Environment in Portugal -- C. Measuring Financial Conditions -- D. Estimating Risks to GDP Growth -- E. Policy Implications and Conclusion -- FIGURES -- 1. Macro-Financial Developments -- 2. Partitioned Financial Indicators 1999-2018 -- 3. Quantile Regressions Coefficients -- 4. Probability Densities of GDP Growth Four and Eight Quarters Ahead -- TABLE -- 1. Partition Groups -- ANNEX -- I. Data Sources -- References -- PRIVATE INVESTMENT -- A. Introduction -- B. Investment and Capital: From Crisis to Recovery -- C. Business Investment: Drivers Supporting the Recovery -- D. Investment and Medium-Term Growth: Structural Bottlenecks -- E. Policy Implications -- FIGURE -- 1. Structural Reform Gaps -- ANNEX -- I. Alternative Specifications -- References -- TRENDS IN TOTAL PUBLIC INVESTMENT AND CAPITAL STOCK -- FIGURES -- 1. Public Investment: Portugal vs. Other Countries -- 2. Current Spending vs. Capital Spending -- 3. Capital Stock Ratio -- 4. Public-Private Partnerships Investment and Capital Stock -- 5. Public Investment by Function in 2015 -- 6. Indicators of Infrastructure Quality and Quantity -- 7. Indicators of Public Investment Efficiency in 2015 -- References -- DELEVERAGING AND PROFIT MARGINS IN PORTUGAL -- A. Introduction -- B. Deleveraging in Portugal -- C. Profit Margins and Unit Labor Costs in Portugal -- D. Concluding Remarks -- FIGURES -- 1. Deleveraging in the Economy -- 2. Stability of Long Run Coefficients: Cumulative Sum (CUSUM) Test -- 3. Stability of Long Run Coefficients: Cumulative Squares (CUSUMSQ) Test -- TABLE -- 1. ARDL Bounds Testing Approach to Cointegration -- ANNEXES -- I. The Determinants of Profit Margins -- II. Unit Root, Granger Causality, and F- and t-Bound Tests -- References.

Cover -- Contents -- Acronyms -- I. Executive Summary -- II. Introduction -- III. Legal Framework for Assignment of GFS Compilation Duties -- IV. GFSM 2014 Implementation Plan -- V. Compilation of FY 2013/14 General Government Finance Statistics -- A. Budgetary Central Government -- B. Extrabudgetary Units -- C. Social Security Funds -- D. Local Governments -- VI. Reconciliation of External Resources and Project Expenditure -- VII. Planning a DMX-Based Data Dissemination System -- VIII. Meeting AFR's Fiscal Statistical Requirements -- IX. Resources, Training, and Technical Assistance -- X. Conclusion -- Tables -- 1. FY 2013/14 GFS Source Data by General Government Subsector and Major Economic Classification -- 2. GFS Technical Assistance Activities During 2016 -- Box -- 1. Recommendations -- Appendices -- I. List of Official Met During Mission -- II. Status Update of GFSM 2014 Implementation Plan -- III. Institutional Structure of Rwanda's General Government -- IV. FY 2013/14 Consolidated General Government Finance Statistics Dataset -- V. Roadmap for Implementing DMX Integrated Data Dissemination System -- VI. Documentation of the GFS Compilation Process for FY 2013/14.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- MACROECONOMIC OUTLOOK AND RISKS -- ARTICLE IV DISCUSSIONS: A NEW PATH FOR GROWTH AND DEBT SUSTAINABILITY -- A. Fostering Higher, More Inclusive, and Resilient Growth -- B. Preserving Debt Sustainability -- PROGRAM OBJECTIVES AND KEY ELEMENTS -- A. Sustaining Macroeconomic Stability -- B. Increasing Spending on Infrastructure and Social Development -- C. Tackling Governance Challenges -- D. Improving Financial Intermediation -- PROGRAM MODALITIES AND SAFEGUARDS -- STAFF APPRAISAL -- BOXES -- 1. Malawi's Gender Inequality-Breaking the Cycle -- 2. Building Resilience against Food Crisis -- 3. Governance -- FIGURES -- 1. Recent Economic Developments, 2012-17 -- 2. Recent Monetary Developments, 2011-17 -- 3. Fiscal Developments and Outlook, 2011-17 -- 4. Selected Financial Stability Indicators, 2011-17 -- TABLES -- 1. Selected Economic Indicators, 2016-23 -- 2a. Central Government Operations, 2016/17-22/23 (Billions of Kwacha) -- 2b. Central Government Operations, 2016/17-22/23 (Percent of GDP) -- 2c. Central Government Quarterly Operations in FY 17/18 and FY 18/19 -- 3a. Monetary Authorities' Survey, 2016-19 -- 3b. Monetary Survey, 2016-19 -- 4a. Balance of Payments, 2016-23 (Millions of USD) -- 4b. Balance of Payments, 2016-23 (Percent of GDP) -- 5. Selected Banking Soundness Indicators, 2012-17 -- 6. External Financing Requirement and Source, 2016-23 -- 7. Schedule of Disbursements under ECF Arrangement, 2018-21 -- 8. Indicators of Capacity to Repay the Fund, 2018-31 -- 9. Projected External Borrowing -- 10. Selected Indicators on the Millennium Development Goals -- 11. Quantitative Targets, 2018-19 -- 12. Prior Actions -- 13. Structural Benchmarks (2018) -- ANNEXES -- I. Ex Post Peer-Reviewed Assessment -- II. Implementation of 2015 Article IV Recommendations -- III. External Sector Assessment

Cover -- CONTENTS -- Glossary -- ECONOMIC OUTLOOK: CONTINUED FAVORABLE PERFORMANCE WITH BALANCED RISKS -- MACROECONOMIC AND FINANCIAL POLICIES: STRIKING THE RIGHT BALANCE -- A. Fiscal Policy -- B. Monetary, Exchange Rate, and Financial Market Policies -- C. Financial Sector -- MEDIUM-TERM CHALLENGES: RAISING LIVING STANDARDS WHILE HELPING EXTERNAL REBALANCING -- STAFF APPRAISAL -- BOX -- 1. The Malaysia Productivity Blueprint -- FIGURES -- 1. Growth and Exports -- 2. Inflation and Domestic Resource Constraints -- 3. Monetary Developments -- 4. Fiscal Policy Developments -- 5. Public Sector Fiscal Stance and Prospects -- 6. Capital Flows -- 7. Financial Sector Developments -- 8. Household Debt -- 9. House Prices -- 10. Financial Soundness Indicators -- TABLES -- 1. Selected Economic and Financial Indicators, 2013-19 -- 2. Indicators of External Vulnerability, 2013-17 -- 3. Balance of Payments, 2013-22 -- 4. Illustrative Medium-Term Macroeconomic Framework, 2013-22 -- 5. Summary of Federal Government Operations and Stock Positions, 2013-19 -- 6. Monetary Survey, 2013-19 -- 7. Banks' Financial Soundness Indicators, 2013-17 -- APPENDICES -- I. External Sector Assessment -- II. Staff Policy Advice from the 2016 and 2017 Article IV Consultations -- III. Risk Assessment Matrix -- IV. Public Debt Sustainability Analysis -- V. Calibration of Fiscal Objectives -- VI. External Debt Sustainability Analysis -- VII. Determinants of Nonresident Bond Flows -- VIII. FX Market Measures, 2016-17 -- IX. The Role of Female and Non-Citizen Workers in the Labor Market -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- Glossary -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- A. Recent Developments -- B. Outlook and Risks -- POLICY DISCUSSIONS -- A. Safeguarding Fiscal Sustainability -- B. Implementing the Exchange Rate Transition -- C. Strengthening Financial Sector Soundness -- D. Macro-Structural Reforms: Promoting Higher and Inclusive Growth -- STAFF APPRAISAL -- BOXES -- 1. Distributional Effects of Tax Reforms -- 2. Public Investment Management Assessment (PIMA) -- 3. Improving the Targeting of Morocco's Social Programs -- FIGURES -- 1. Real Sector Developments -- 2. Fiscal Developments -- 3. Financial Sector Developments -- 4. Structural Reforms -- 5. External Sector Developments -- TABLES -- 1. Risk Assessment Matrix -- 2. Selected Economic Indicators 2012-22 -- 3a. Budgetary Central Government Finance, 2012-22 (Billions of dirhams) -- 3b. Budgetary Central Government Finance, 2012-22 (Percent of GDP) -- 4. Balance of Payments, 2012-22 -- 5. Monetary Survey, 2011-17 -- 6. Financial Soundness Indicators, 2010-17 -- 7. Capacity to Repay Indicators, 2016-22 -- 8. FSAP Key Recommendations-Status as of November 2017 -- ANNEXES -- I. Implementation of Past Fund Advice -- II. External Sector Assessment -- III. Fiscal Decentralization -- IV. Public Debt Sustainability Analysis (DSA) -- CONTENTS -- RELATIONS WITH THE FUND -- RELATIONS WITH THE WORLD BANK GROUP -- STATISTICAL ISSUES.

Cover -- CONTENTS -- BANKING SECTOR DEVELOPMENTS -- A. Background -- B. The Evolving Regulatory Environment -- C. Summary -- References -- BOX -- 1. The 2003 Banking Crisis -- POVERTY DYNAMICS AND SUSTAINABLE DEVELOPMENT GOALS (SDGs) -- A. Poverty Dynamics -- B. Regional Disparities -- C. Vulnerabilities and Causes of Poverty -- D. Strategies to Achieve the SDGs -- References -- BOXES -- 1. Estimating Spending Needs to Achieve the Education and Health SDGs -- 2. Financial Inclusion in Myanmar -- INTEGRATING INTO THE GLOBAL VALUE CHAINS -- A. Background -- B. GVC Participation and the Role of FDI -- C. Where Myanmar Stands in Global Value Chains -- D. Experiences from Cambodia and Vietnam -- E. Myanmar's Further Integration into GVCs Based on Cross-Country Lessons -- F. Regional Integration and Myanmar's GVC Participation -- G. Conclusions -- References.

Cover -- CONTENTS -- A HISTORIC OPPORTUNITY -- A CHALLENGING MACROECONOMIC ENVIRONMENT -- POSITIVE OUTLOOK WITH DECISIVE ACTIONS -- PROGRAM DISCUSSIONS -- A. Reform Agenda 2018-21 -- B. Strengthening Fiscal Sustainability -- C. Promoting Debt Sustainability -- D. Modernizing Monetary and Exchange Rate Policies -- E. Reducing Financial Sector Vulnerabilities -- F. Reducing Fiscal Risks and Supporting Private-Sector-Led Growth -- G. Governance and Corruption -- PROGRAM MODALITIES AND RISKS -- STAFF APPRAISAL -- FIGURES -- 1. Selected High-Frequency Indicators, 2009-18 -- 2. Fiscal Developments, 2007-18 -- 3. Monetary Developments, 2010-18 -- 4. External Sector Developments, 2005-18 -- TABLES -- 1. Main Economic Indicators, 2014-21 -- 2a. Statement of Central Government Operations, 2014-21 (Billions of local currency) -- 2b. Statement of Central Government Operations, 2014-21 (Percent of GDP) -- 2c. Statement of Central Government Operations, 2014-21 (Percent of non-oil GDP) -- 3. Monetary Accounts, 2014-21 -- 4. Balance of Payments, 2014-21 -- 5. Public Debt, 2014-23 -- 6. Financial Soundess Indicators, December 2014-August 2018 -- 7. Fiscal Financing Needs and Sources, 2018Q4-21 -- 8. External Financing Requirements and Sources, 2017-23 (Millions of U.S. dollars) -- 9. Indicators of IMF Credit-Baseline Scenario, 2018-28 -- 10. Indicators of IMF Credit-Adverse Oil-Price Shock Scenario, 2018-28 -- 11. Proposed Access and Phasing Under the Extended Arrangement, 2018-21 -- 12: Tentative Technical Assistance Program Under the Extended Arrangement, 2018-21 -- ANNEXES -- I. Sustainable Development Goals -- II. National Development Plan -- III. External Sector Assessment -- IV. Debt Sustainability Analysis -- V. Risk Assessment Matrix -- APPENDIX -- I. Letter of Intent -- Attachment. I. Memorandum of Economic and Financial Policies

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS: GAS PRICE REPRIEVE -- OUTLOOK: VULNERABILITIES UNDERLIE ROBUST GROWTH -- POLICY ISSUES: DEFINITIVE CHANGE NEEDED -- A. Policy Consistency and Sustainability-the Guiding Principles -- B. A Roadmap for Sustainable Fiscal Policy -- C. Social Policies-An Updated Strategy -- D. Monetary Policy: Simplify and Tighten as Needed -- E. Reforms Needed to Raise Competitiveness -- F. Governance and Efficiency to Bring Activity into the Formal Sector -- G. Financial Stability and Financial Inclusion -- H. Data Issues -- AUTHORITIES' VIEWS -- STAFF APPRAISAL -- BOXES -- 1. Past IMF Policy Recommendations -- 2. Spillovers from Argentina and Brazil in the near-term -- FIGURES -- 1. Real Sector Developments -- 2. Fiscal Sector Developments -- 3. External Sector Developments -- 4. Monetary Developments -- 5. Financial Sector Developments -- 6. Cross-Country Financial Soundness Indicators -- 7. Structural Reforms and External Competitiveness -- TABLES -- 1. Past Fund Policy Recommendations -- 2. Selected Economic and Financial Indicators -- 3. Operations of the Combined Public Sector -- 4. Non-Financial Public Sector Total Debt -- 5. Financial System Survey -- 6. Summary Balance of Payments -- 7. External Vulnerability Indicators -- 8. Risk Assessment Matrix -- 9. Sustainable Development Goals -- ANNEXES -- I. Public Debt Sustainability Analysis (DSA) -- II. External Sector Assessment -- III. A Proposed Fiscal Rule for Bolivia -- IV. Governance Issues and Options -- V. Impact of the Financial Services Law -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal and debt sustainability -- B. Economic Growth -- C. Financial and External Stability -- D. Other Issues -- STAFF APPRAISAL -- BOXES -- 1. Implementation of 2016 Article IV Consultation Recommendations -- 2. Transfers and State Owned Enterprises -- 3. Strengthening National Accounts -- FIGURES -- 1. Real Sector Developments -- 2. Fiscal Sector Developments -- 3. External Sector Developments -- 4. Monetary Sector Developments -- 5. Financial Sector Developments -- 6. Social Development Indicators -- 7. Competitiveness Indicators -- 8. Economic Performance in a Regional Context -- TABLES -- 1. Selected Economic and Social Demographic Indicators, 2014-18 -- 2a. Central Government Operations, 2014-23 (In millions of Barbados dollars) -- 2b. Central Government Operations, 2014-23 (In percent of GDP, unless otherwise indicated) -- 3. Central Government Debt, 2014-23 -- 4. Balance of Payments, 2014-22 -- 5. Monetary Survey, 2014-22 -- 6. Medium-Term Macroeconomic Framework, 2014-22 -- 7. Financial Sector Indicators, 2011-17 -- ANNEXES -- I. Risk Assessment Matrix (RAM) -- II. Debt Sustainability Analysis (DSA) -- III. External Sector Assessment, Competitiveness, and Reserve Adequacy -- IV. Barbados Revenue Mobilization -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE WORLD BANK GROUP -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK -- RELATIONS WITH THE CARIBBEAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT: A NEW BEGINNING -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK, RISKS, AND SPILLOVERS -- LESSONS FROM PAST IMF ENGAGEMENTS -- POLICIES TO ENSURE SUSTAINABLE DEVELOPMENT -- A. Fiscal Policies -- B. Monetary Policy -- C. External Sector Policy -- D. Financial Sector Policy -- BETTER STATISTICS FOR BETTER POLICY -- STAFF APPRAISAL -- BOX -- 1. Liberia's Infrastructure Deficit -- FIGURE -- 1. Recent Economic Developments, 2014-18 -- TABLES -- 1. Selected Economic and Financial Indicators, 2016-23 -- 2. Balance of Payments, 2016-23 -- 3a. Fiscal Operations of the Central Government, 2016-23 (Millions of U.S. dollars) -- 3b. Fiscal Operations of the Central Government, 2016-23 (Percent of GDP) -- 3c. Fiscal Operations of the Budgetary Central Government, 2016-23 (Millions of U.S. dollars) -- 3d. Fiscal Operations of the Budgetary Central Government, 2016-23 (Percent of GDP) -- 4. Monetary Survey, 2016-19 -- 5. Financial Soundness Indicators, 2014-17 -- ANNEXES -- I. Living Conditions of the Population -- II. The Impact of UNMIL Withdrawal -- III. Risk Assessment Matrix, January 2018 -- IV. Status of Key Recommendations for the 2016 Article IV Consultation -- V. Capacity Development -- VI. Liberia's Monetary Policy Framework: Seven Principles -- VII. The Role of Aid Flows -- VIII. Cross-Country Experiences with De-Dollarization -- IX. External Sector Assessment -- APPENDIX -- I. Ex-Post Peer Reviewed Assessments of Members with Longer-Term Program Engagement -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT WORLD BANK-IMF WORK PROGRAM, 2012-18 -- RELATIONS WITH THE WORLD BANK GROUP -- RELATIONS WITH THE AFRICAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

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