00:00So, since approval of the Eighth Review on July 13th, the Eighth Review of the program,
00:05we have had some quite positive developments in Argentina.
00:12Congress approved the critical fiscal and structural measures that aim to improve the
00:17quality and durability of fiscal consolidation and support the recovery and investment going
00:25forward.
00:26Particularly noteworthy was the reform of the personal income tax, which brings more
00:32higher income formal sector workers into the tax net, thereby supporting revenues in Argentina
00:40and also improving the burden sharing of the fiscal consolidation.
00:46The approved structural legislation will also help create a more market-based economy and
00:52address many of Argentina's bottlenecks to growth.
00:58More generally, the approval of this critical legislation also demonstrates the administration's
01:04willingness and ability to find political compromise in implementing reforms.
01:11And this is also consistent with more recent efforts to build consensus with a broad set
01:17of stakeholders on key public policy principles and objectives.
01:23And all of this is happening as the program continues to be implemented.
01:27Preliminary data suggests that fiscal and reserve targets continue to be met.
01:32High-frequency data point to further reductions in inflation and some stabilization of economic
01:39activity and demand.
01:42All of this said, and as we've said many times before, continued efforts are needed to continue
01:48to strengthen stability, secure the economic recovery, and we are – our team is actively
01:55engaged with the authorities to this end.
01:58Now, regarding some of the more specific questions, on our future engagement with Argentina, currently
02:06we remain within the framework of the EFF arrangement.
02:11And as we've already mentioned, our engagement remains frequent and constructive.
02:18Staff will engage in discussions on a potential new arrangement, as we would with any IMF
02:24member, once the authorities formally request one.
02:28And at this stage, there's no specific timetable for such discussions.
02:33We'll, of course, share additional information as it becomes available.
02:40There was a specific question on kind of market turbulence and volatility.
02:44I mean, to that, what I can say is, you know, it's inevitable that countries that are going
02:51through these types of stabilization programs will have periods of volatility.
03:01And that's just, you know, inevitable.
03:04But the key here is for policymakers in looking at this volatility to remain agile with policies
03:14and to evolve to continue to address the underlying macroeconomic imbalances that exist.
03:22And this is precisely what the Argentine authorities are doing.
03:28And with respect to the G20, we don't yet have any, the formal schedule finalized.
03:36If we, once we know more and have more information about the managing director's schedule at
03:42the G20, we will certainly be communicating that.
03:48And finally, I think it's just important to note that the managing director has full confidence
03:54in Rodrigo Valdez and her entire senior leadership team.
03:59And as stated previously, our engagement with the Argentine authorities remains active and constructive.
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