On June 20, 2018, the Executive Board approved the largest stand-by arrangement in the Fund's history, in support of Argentina's 2018-21 economic program. After an augmentation in October 2018, access under the arrangement amounted to USD 57 billion (1,227 percent of Argentina's IMF quota). The...

The purpose of the mission was to improve the understanding of the conduct of monetary policy in an inflation targeting (IT) central bank. During the September visit, the mission provided capacity building through daily morning seminars, giving an introduction to modern theory of monetary policy...

Georgia has emerged from its second lockdown that was imposed in November 2020 following a sharp increase in COVID-19 cases. Vaccinations commenced in March 2021 and the country is now entering a critical stage in overcoming the pandemic. The lockdowns drove a contraction of around 6.2 percent...

The current monetary policy framework in several Latin American countries, combining inflation targeting and a floating exchange-rate regime, has contributed to disinflation by anchoring expectations around low, stable levels. This paper uses co-integration analysis to estimate simultaneously a...

In the Summer of 1998, the Executive Board discussed a set of three papers prepared by the staff that focused on the likey impact of EMU on selected non-EU countries. In recognition of the contribution these papers could make to the literature and discussion of EMU, the Board requested that this...