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Western Hemisphere > Argentina

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Cover IMF Staff Country Reports
Uruguay: 2024 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation discusses that in 2023, Uruguay confronted the impact of a once-in-a-century severe drought and external headwinds, but the economy remained resilient, owing to the authorities’ sound macroeconomic policies, the country’s political stability, and strong institutions. While economic growth decelerated in 2023, employment rose, and inflation fell within the target range. As inflationary pressures cooled off, the Banco Central del Uruguay started lowering its monetary policy rate in April 2023, while maintaining a contractionary stance. The economy is expected to strongly rebound in 2024, underpinned by the recovery of agricultural exports, increased cellulose production, easing of financial conditions and robust private consumption. Main risks are broadly balanced. Overall fiscal and external risks are low. The post-drought growth momentum creates opportunities for reinvigorating fiscal consolidation efforts. The crafting of the next five-year budget law opens an opportunity to recalibrate the fiscal rule targets to place debt on a downward path. Refinements to the fiscal rule would help consolidate recent credibility gains. Monetary policy should remain contractionary to ensure that inflation and inflation expectations stay within the target range in a sustained manner. Structural reforms are key to unlock potential growth, create policy space to preserve the country’s safety net and social cohesion, and support favorable sovereign debt ratings.
Keywords:
government bond bond market; inflation expectation; BCU inflation target; data ROSC reassessment; support policy continuity; Policy issue; Inflation; Fiscal stance; Fiscal councils; Anti-money laundering and combating the financing of terrorism (AML/CFT); Caribbean; Global
Cover IMF Working Papers
Cross-Border Payments Integration in Latin America and the Caribbean
Dimitris Drakopoulos
,
Yibin Mu
,
Dmitry Vasilyev
, and
Mauricio Villafuerte
Cross-border payment inefficiencies are a significant barrier to trade both within Latin America and the Caribbean (LAC) and between LAC and other regions. This paper provides a comprehensive review of historical efforts undertaken by various countries within the LAC region to address these challenges. We also explore the potential of recent financial innovations, such as digital currencies and blockchain technology, to enhance cross-border payments. While new technologies do not substitute for prudent and credible macroeconomic policies, leveraging these technologies can help LAC countries reduce transaction costs and times, thus enhancing economic efficiency and fostering deeper regional and global trade relationships.
Keywords:
Cross-Border Payments; Financial Innovation; International Trade; Economic Integration.; LAC payment infrastructure; payment arrangement; cross-border payment inefficiency; integration in Latin America and the Caribbean; cross-border payments integration; Payment systems; Currencies; Financial inclusion; Anti-money laundering and combating the financing of terrorism (AML/CFT); Caribbean; Central America; South America; Global; East Asia
Cover IMF Staff Country Reports
Argentina: Third Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Argentina
International Monetary Fund. Western Hemisphere Dept.
Early decisive policy implementation by the new economic team was critical to stabilizing markets and begin rebuilding confidence in the run-up to the second review. Domestic demand has since slowed in response to tighter macroeconomic policies, with high frequency indicators pointing to a further moderation in inflation, a contraction in goods imports, and improvements in the trade balance. Nonetheless, and against a more challenging external and domestic backdrop, the situation remains fragile. Inflation is still high and unanchored, reserves are low, and confidence needs further strengthening. Moreover, social discontent has risen amid spending restraint and some decline in real wages. Review discussions focused on strengthening macroeconomic policies to safeguard stability and achieve program objectives, especially a durable reduction in inflation and improvement in reserve coverage.
Keywords:
market inflation expectation; fund staff calculation; Net International reserves; reference rate; price inflation; Inflation; Multiple currency practices; Exchange restrictions; Global; Western Hemisphere
Cover Finance & Development
Finance & Development, September 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; economy; IMF's Asia; government; coin; anti-corruption office
Cover IMF Staff Country Reports
Colombia: Financial Sector Assessment Program-Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in Colombia as at the date of the onsite visit (June 5 to 22, 2017). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Colombia’s AML/CFT system, and provides recommendations on how the system could be strengthened.
Keywords:
ISCR; CR; judicial police; alternative measures; foreign currency; private sector; TF risk; drug trafficking; financial institutions; ML investigation; TF offense; ML case; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Drug trafficking; Currencies; Central America; Global; Caribbean
Cover Finance & Development
Finance & Development, September 2018
International Monetary Fund. Communications Department
This paper discusses that from shifting demographics to climate change, Southeast Asia confronts a host of challenges. Summoning them will require both resilience and flexibility. Advances in artificial intelligence, including robotics, together with innovations such as 3-D printing and new composite materials, will transform manufacturing processes, making them less labor-intensive while creating opportunities for new products. This will enable new ways of making things and change the drivers of competitiveness. There will be indirect effects as well. For example, aircraft manufacturers, taking advantage of new composite materials such as carbon fibers, have developed a class of superlong-haul aircraft that could bring more tourists to Southeast Asia as relatively cheap point-to-point travel options emerge. The region should still enjoy synergies from globalization and other modes of economic integration, but the form and shape of such integration could change. For Southeast Asia, the next couple of decades could prove exhilarating in terms of the opportunities presented by technology and global growth, but also tumultuous because of the continuing risks, such as those posed by an unreformed and unstable international financial architecture. There clearly is much hard work to be done. Policymakers still have not gotten everything right, but they are heading in the right direction.
Keywords:
FD; F&D; economy; IMF's Asia; government; coin; anti-corruption office; shrinking world trade of the Great Depression; policy recommendation; coin design; remittance trap; Gender diversity; Climate change; Women; Southeast Asia; Global; Asia and Pacific; Sub-Saharan Africa; Mekong
Cover IMF Staff Country Reports
Paraguay: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This paper discusses assessment results on the observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for Paraguay. The assessment reveals that the substantial U.S. dollar contraband trade that occurs on the borders shared with Argentina and Brazil facilitates money laundering in Paraguay. Achievements in the implementation of Paraguay’s AML framework remain modest since the criminalization of the money laundering offence in 1996. The level of implementation and compliance with respect to the FATF recommendations is low in the financial sector.
Keywords:
ISCR; CR; government; Paraguay; Anti-Money Laundering; AML regime; financial institution; offense; AML Law; ML offense; AML regulation; due diligence; AML law; TF offence; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; South America; Middle East
Cover IMF Staff Country Reports
Paraguay: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This paper discusses key findings of the detailed assessment report on antimoney laundering and combating the financing of terrorism (AML/CFT) for Paraguay. The assessment reveals that there are significant gaps in Paraguay’s AML/CFT framework, and the level of awareness of money laundering/financing of terror risks is low in both the public and private sectors. The country falls well short of complying with most of the Financial Action Task Force recommendations. There are also no provisions that would allow the authorities to freeze suspected terrorist assets in accordance with the relevant UN Security Council Resolutions.
Keywords:
ISCR; CR; business organization; central bank; government agency; compliance officer; due diligence; beneficial owner; Money laundering; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Terrorism financing; South America; Middle East
Cover IMF Staff Country Reports
Uruguay: Report on the Observance of Standards and Codes on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This report provides a summary of the level of observance with the Financial Action Task Force (FATF) and recommendations to strengthen their observance. IMF staff reviewed the institutional framework, relevant laws, regulations, guidelines, and other requirements to deter money laundering (ML) and financing of terrorism (FT) through financial institutions (FIs) and designated nonfinancial businesses and professions (DNFBPs). The assessment is based on the information available at the time of the on site visit by the team. During the mission, there was one ML prosecution under way, but previously there had been no ML prosecutions.
Keywords:
ISCR; CR; authority; CFT; Anti-Money Laundering; CFT supervision; CFT obligation; CFT system; prosecution authority; CFT legislation; Uruguayan authorities; training of BCU examiner; government of Uruguay; fund staff; CFT-CDD system; response to the assessment; supervision of the securities sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Terrorism; Legal support in revenue administration; South America
Cover Current Developments in Monetary and Financial Law, Vol. 3
Current Developments in Monetary and Financial Law, Vol. 3
International Monetary Fund

Abstract

The Legal Department and the Institute of the IMF held their eighth biennial seminar for legal advisers of central banks of member countries on May 7-17,2000. The papers presented in this volume are based on presentations made by the seminar participants. The seminar covered a broad range of topics, including activities of the IMF and other international financial institutions, sovereign debt restructuring, the architecture of the international financial system, and money laundering and the financing of terrorism. In addition, participants addressed the role of central banks, payment systems, securities, technology in the financial sector, and monetary arrangements.

Keywords:
SEM; central bank; bank; country; payment system safety; issuing country; IMF arrangement; IMF's article; bank merger; Anti-money laundering and combating the financing of terrorism (AML/CFT); Currencies; Legal support in revenue administration; Securities; Global; Europe; West Africa; Caribbean; Western Europe; Money laundering; South America