1/ Good new for #Macri: the #IMF agreed to release $10.9 billion to the country. The IMF states, “We commend the authorities’ policy efforts and strong determination to address macro-economic imbalances and advance their economic stabilization plan"https://www.imf.org/en/News/Articles/2019/03/18/pr1978-argentina-imf-staff-concludes-third-review-mission-to-argentina …
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2/ The IMF warns "inflation remains high and breaking inflation inertia will be a lengthy process that will require persistence and consistency in the Central Bank’s cautious approach to monetary base targeting." Consistency is going to require a lot of political will in 2019.
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3/ The IMF shows some skepticism re: the gvt's ability to achieve primary balance this year: "Achieving a zero primary deficit in 2019 will require further restraint in government spending."
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4/ They also note "A new impetus for supply side reforms will also be needed to consolidate the gains already made by the government." Yet this is unlikely to happen this year or if the economy doesn't markedly improve to soften the blow of the reforms.
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