90540   Argentina Country Partnership Strategy Chair Summary* September 9, 2014 Executive Directors discussed the joint IBRD/IFC/MIGA Argentina Country Partnership Strategy (CPS) for FY15-18 (R2014-0189[IFC/R2014-0275, MIGA/R2014-0069]). Directors welcomed the discussion of the new Argentina CPS. They acknowledged Argentina’s progress in reengaging with the broader international financial community to resolve outstanding issues with creditors including payments to several companies as agreed in the International Centre for Settlement of Investment Disputes (ICSID) as well as reaching an agreement with the Paris Club. Directors look forward to the sustained commitment and progress on such efforts. In addition, Argentina has reengaged with the IMF on improving the quality of its inflation and GDP statistics. Directors broadly endorsed the three themes selected for the CPS: (a) Sustained Employment Creation in Farms and Firms; (b) Improving Availability of Assets for people and households; and (c) Reducing Environmental Risks and Safeguarding Natural Resources. Directors valued the nine selective results areas that focus on poverty reduction and shared prosperity and urged Management to select projects that are targeted to the poor and most vulnerable population. Directors also highlighted the potential of the energy sector in the country. They welcomed the centrality of jobs in the CPS and called for maintaining focus on gender issues during the CPS implementation. Directors underscored the importance of leveraging the private sector and asked IFC and MIGA to play prominent roles. They also underlined the importance of maintaining a continued dialogue with other development partners, in particular the Inter- American Development Bank and CAF. Directors welcomed the country’s development achievements but highlighted the importance of reducing the fiscal deficit, containing inflation, alleviating the pressure on exchange rates and international reserves and urged the authorities to improve the macroeconomic policy framework and increase macroeconomic stability. In this regard, they emphasized the need to improve the business environment for private sector development and in order to attract investment including foreign direct investment. The majority of Directors welcomed the proposed strategy as timely, balanced and presenting an adequate framework for a renewed engagement with the World Bank Group as a development partner to address important challenges of eradicating poverty and promoting shared prosperity. The US and the UK Chairs wish their reservation with respect to the timing of a new Argentina CPS be recorded in the Minutes. *This summary is not an approved record.