The attached presentation from May 2024 derives a general sustainability relation for Argentina based on the consolidated fiscal-monetary-bop relations.
Where the IMF’s traditional financial programming approach was based on an iterative process to achieve sector consistency, today naive fiscal policy and debt sustainability exercises are not integrated with the balance of payments or the overall policy approach.
Iterating between sectors within the sustainability framework reconciles the DSA with the IMF’s traditional approach.
The General Theorist 