Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Western Hemisphere > Argentina

You are looking at 1 - 10 of 32 items for :

  • Type: Journal Issue x
  • Criminology x
Clear All Modify Search
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 IMF Staff Country Reports
Argentina: First Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Argentina
International Monetary Fund. Western Hemisphere Dept.
First Review under the Extended Arrangement under the Extended Fund Facility, Request for Modification of Performance Criteria, and Financing Assurances Review
Keywords:
FX policy framework; credit policy; monetary policy transmission; deficit target; expenditure growth; Inflation; Government debt management; Energy subsidies; Reserves accumulation; Global
Cover IMF Staff Country Reports
Paraguay: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Paraguay
International Monetary Fund. Western Hemisphere Dept.
In the past two decades, Paraguay has seen strong growth and a sharp reduction in poverty. Strong GDP growth was the result of sound macro policies (with low inflation and low fiscal deficits and debt) and an agricultural commodity price boom which spilled over to the non-tradable sector. Growth was not just high but also volatile, as bad weather shocks led to poor harvests, which spill over to the broader economy. In early 2020, Paraguay was rebounding strongly from another weather shock, and full-year growth was forecast at over 4 percent. In 2019, bad weather had reduced the harvest, and GDP growth had come to a near standstill. A recovery started in the second half of 2019 and gathered strength in early 2020—in February economic activity was 7 percent higher than a year earlier. The Covid-19 epidemic halted the recovery. An early lockdown—which kept the death toll among the lowest in the region—led to a sharp contraction in economic activity, with April activity levels at 20 percent below those in February. Women, informal sector workers, and workers in the service sector were particularly hard hit; while children were severely affected by the closing of the schools until the end of 2020.
Keywords:
ISCR; CR; investment spending; supply and demand demand shock; emergency spending; compilation method; liquidity provision
Cover IMF Staff Country Reports
Paraguay: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Paraguay
International Monetary Fund. Western Hemisphere Dept.
In the past two decades, Paraguay has seen strong growth and a sharp reduction in poverty. Strong GDP growth was the result of sound macro policies (with low inflation and low fiscal deficits and debt) and an agricultural commodity price boom which spilled over to the non-tradable sector. Growth was not just high but also volatile, as bad weather shocks led to poor harvests, which spill over to the broader economy. In early 2020, Paraguay was rebounding strongly from another weather shock, and full-year growth was forecast at over 4 percent. In 2019, bad weather had reduced the harvest, and GDP growth had come to a near standstill. A recovery started in the second half of 2019 and gathered strength in early 2020—in February economic activity was 7 percent higher than a year earlier. The Covid-19 epidemic halted the recovery. An early lockdown—which kept the death toll among the lowest in the region—led to a sharp contraction in economic activity, with April activity levels at 20 percent below those in February. Women, informal sector workers, and workers in the service sector were particularly hard hit; while children were severely affected by the closing of the schools until the end of 2020.
Keywords:
ISCR; CR; investment spending; supply and demand demand shock; emergency spending; compilation method; liquidity provision; financial system regulation; COVID-19; PFM legal and regulatory frameworks; Risk-based supervision; Global; Western Hemisphere
Cover IMF Staff Country Reports
Panama: Request for an Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Panama
International Monetary Fund. Western Hemisphere Dept.
While Panama has been the most dynamic economy in Latin America over the last three decades (growing 6 percent on average), its strength is being tested by the COVID-19 global pandemic. Panama is a service-based economy that is highly integrated in the world economy and exposed to extreme shocks during the pandemic.
Keywords:
ISCR; CR; Executive Board discussion; Panama's request; market confidence; Panama's quota; PFM system; liquidity position; address COVID-19 pandemic; economic recovery effort; COVID-19; Credit; Debt service; Global; Caribbean; Western Hemisphere; Central America
Cover IMF Staff Country Reports
Paraguay: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Paraguay
International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation on Paraguay focused on the policies needed to promote long-term growth, widen the tax base, improve public spending efficiency, and strengthen financial sector supervision. Poverty has fallen sharply, from 58 percent in 2002 to 26 percent currently, although it remains one of the highest in Latin America. Continued convergence is expected to help reduce poverty further and help generate revenues to finance large spending needs. The banking sector is well-capitalized and stable, but the casas de credito and casas comerciales need to be better understood and supervised. The pension system needs reform, both to prevent large pension deficits in the future, and to boost the development of the domestic capital market for long-term instruments. The authorities concurred with IMF staff’s assessment of the main bottlenecks to long-term economic growth. They also agreed structural reforms would help to attract more foreign investments and increase the dynamism of domestic private sector.
Keywords:
ISCR; CR; private sector; producer price index; CPI; GDP; monetary policy stance; inflation trend measure; accommodative monetary policy stance; profitability indicator; financial asset; Exchange rates; Exports; Global; Western Europe; Western Hemisphere; South America
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
Bolivia: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
After years of impressive growth and poverty reduction, Bolivia is facing a more challenging period. Accommodative fiscal and monetary policies combined with lower gas and minerals prices have contributed to continued large twin deficits, foreign reserve losses, and a sharp increase in public debt. External competitiveness has been negatively affected by the appreciating US dollar, high wage growth, and domestic policies that have hindered private sector investment. A definitive change in the policy stance is warranted to restore external balance, minimize a further buildup in vulnerabilities, and promote broad based growth.
Keywords:
ISCR; CR; fiscal policy; commodity; exchange rate; U.S. dollar; central bank; exchange regime; accommodative fiscal policy; boom period; Public investment and public-private partnerships (PPP); Credit; Commodity prices; Public sector; Global