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Argentina, situated in South America, boasts diverse landscapes, from the vast Pampas grasslands to the awe-inspiring Andes Mountains. With a population exceeding 45 million, it ranks among the region's largest nations. The country abounds in natural resources, especially in energy and agriculture, benefiting from fertile lands, abundant gas reserves, and promising renewable energy potential. Argentina stands out as a major food producer, with extensive agricultural and livestock sectors, as well as promising opportunities in specific manufacturing niches and innovative high-tech services.
Having achieved a 5% economic growth in 2022, Argentina expects a 2.5% contraction in 2023 due to severe drought impacts. Nonetheless, a rebound is projected for 2024, driven by improved weather conditions, sustained high soybean prices, and investments in the energy sector, aimed at reducing gas imports and improving external accounts.
Currently, Argentina participates in a 30-month Extended Fund Facility (EFF) arrangement with the International Monetary Fund (IMF), initiated in early 2022. By August 2023, the IMF Executive Board completed the fifth and sixth program reviews, granting Argentina access to approximately USD 7.5 billion. The severe drought led to missed program targets, prompting adjustments in reserve accumulation objectives, nominal primary fiscal balances, and monetary financing of deficits.
