Argentina

Good progress has been made in stabilizing the economic and social situation since the crisis. Fiscal adjustment over a prolonged period will bring the public finances to a sustainable path. To protect social expenditures and allow higher public investment, a comprehensive tax reform is required. Strengthening central bank autonomy is essential for the successful implementation of inflation targeting and restructuring of the financial system. Full cooperation with the multilateral development banks is important to secure necessary program financing, re-establishing sustained growth, and reducing widespread poverty.Stand-by arrangement requests;debt restructuring, central bank, banking, debt service, banking system, bank restructuring, public debt, balance of payments, private creditors, private debt, external debt, external financing, repurchases, debt recognition, current account, bank charter, foreign exchange, private banks, net debt, loan classification, public finances, bank assets, government debt, debt sustainability, sovereign debt, bank deposits, debt stock, bilateral debt, bilateral agreements, public sector debt, bank balance sheets, bank supervision, sovereign debt restructuring, bilateral creditors, official creditors, debt overhang, reserve accumulation, bank credit, bank lending, amortization payment, debt service payments, regulatory forbearance, bank profits, current account surplus, multilateral creditors, debt ratio, private credit, banking reforms, bank losses, banking sector, macroeconomic stability, private bank, domestic debt, private external debt, bank independence, bank intermediation, currency board, debt reduction, bank reforms, direct loans, bank capital, private sector borrowing, domestic creditors, multilateral loans, external liabilities, government finance, retained earnings, banking crises, bank regulations, international reserve, bank staff, domestic private debt, structural adjustment, amortization payments, bank balance sheet, bank bonds, short-term debt, bank clients, general resources account, imf repurchases, bank rediscounts, debt service relief, credit tranches, liquidity ratio, banking model, foreign exchange market, disintermediation, bank creditors, foreign exchange exposure, income statement, external debt service, banking system assets, external debt stock, total external debt, bank group, bankers ? associations, debt service obligations, bank loans, domestic financing, stock of debt, capital adequacy, revenue sharing, return on assets, current account balance, long-term debt, debt outstanding, repayments, bankers, bank profitability, debt negotiations, external public debt, crisis countries, current account deficit, debt sustainability analysis, supplemental reserve