Western Hemisphere > Argentina
You are looking at 1 - 10 of 2,872 items
1. This report presents an Ex-Post Evaluation (EPE) of Argentina's 2022 extended arrangement supported by the Extended Fund Facility (2022 EFF). The 30-month arrangement, with access of SDR 31.914 billion (1,001.3 percent of Argentina's quota), was approved in March 2022. Of the 10 scheduled reviews, eight were completed. Given the exceptional access (EA) nature of the arrangement, this EPE seeks to assess: (i) whether the macroeconomic strategy, program design, and financing were appropriate to address the challenges Argentina faced and in line with Fund policy; (ii) whether outcomes under the program met program objectives; and (iii) evaluation of the judgments made in applying exceptional access policy, including on the member’s capacity to repay the Fund and the identified risks to the Fund.1
We would like to thank staff for the Ex-Post Evaluation of Exceptional Access Under the 2022 Extended Fund Facility Arrangement, and to commend the team led by Mr. Abbas and Mr. Mirzoev for the remarkable job in preparing the insightful report, along with the worthy engagement with my authorities and other relevant stakeholders. We appreciate the candid, thorough, and balanced paper, including the valuable lessons learnt as a virtuous improvement process, particularly in this very visible relationship of the IMF with Argentina within the exceptional access framework.
Abstract
The evaluation assesses the EAP’s rationale, evolution, and implementation during the period since its adoption in 2002. It assesses whether the EAP has fulfilled the objectives that guided its creation, namely, shaping members’ and market expectations, providing clearer benchmarks for Board decisions on program design and exceptional access, safeguarding the Fund’s resources, and helping to ensure uniformity of treatment of members. The evaluation draws on background papers comprising both thematic and country studies that draw on experience with the 38 exceptional access programs completed through mid-2023. The thematic papers analyze the rationale and evolution of the EAP as well as the three building blocks of the policy: the exceptional access criteria, enhanced Board decision-making procedures, and ex post evaluations. The country papers comprise both cross-country studies and country-specific studies of the completed programs with Argentina (2018), Ecuador (2020), and Egypt (2020).