Argentina Country Partnership Framework FY19-FY24 - Completion and Learning Review

Jul 19, 2026

The Argentina Country Partnership Framework FY19-FY24 Completion and Learning Review evaluates performance under the FY19-FY22 CPF, incorporating updates from the Performance and Learning Review that extended the program to FY24. It measures achievement of CPF objectives, assesses how the World Bank Group designed and implemented the CPF program, and examines alignment with the mission to end extreme poverty and boost shared prosperity on a livable planet. The review explains how late-2019 elections, a prolonged crisis, and COVID-19 shifted priorities, and summarizes economic conditions, World Bank lending responses, and IFC and MIGA support.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages34

Reading Time1 h 26 min

Introduction

Completion and Learning Review scope and purpose

Original CPF objectives and focus areas

Macroeconomic context and learning challenges

Policy shifts under the new government

World Bank response and lending trends

IFC program evolution

MIGA support and guarantees

Summary of key findings

Public Disclosure Authorized Pub lic Disclosure Authorized ARGENTINA COUNTRY PARTNERSHIP FRAMEWORK FY19-FY24 COMPLETION AND LEARNING REVIEW Date of CPF: March 28, 2019 (Report No. 131971-AR) Date of Performance and Learning Review: May 3, 2022 (Report No 170668-AR) Period Covered by the Completion and Learning Review: FY19-FY24 I. INTRODUCTION 1. This Completion and Learning Review (CLR) reviews the performance of the FY19-FY22 World Bank Group (WBG) Country Partnership Framework (CPF) for Argentina, discussed by the Board of Directors on April 25th, 2019 (Report No. 131971-AR) and updated by the Performance and Learning Review (PLR) in FY22, which extended the CPF period until FY24 . It assesses the achievement of CPF objectives; WBG’s performance in designing and implementing the CPF program; and the alignment of the CPF with the WBG’s mission of ending extreme poverty and boosting shared prosperity on a livable planet. It also presents lessons learned to inform the scope and structure of the new CPF (FY26-FY33) . 2. The original CPF’s objectives are aligned with the priorities identified in the 2018 Systematic Country Diagnostic (SCD) and the Government’s agenda for a private sector led growth model. They were organized around three Focus Areas: (i) supporting Argentina’s access to long-term private financing on a sustainable basis; (ii) addressing key institutional constraints for better government and service delivery; and (iii) supporting Argentina to implement its Nationally Determined Contributions (NDCs) . However, elections in late 2019, a prolonged economic crisis, and the COVID-19 pandemic, significantly shifted the country’s priorities. In response, the PLR adjusted the CPF, extending its duration to FY24 and increasing the annual lending envelope to US$1 .8 billion for the remaining CPF period. The new focus areas were: (i) supporting inclusive recovery; (ii) strengthening service delivery to protect the poor and vulnerable; and (iii) supporting climate measures and long-term sustainable growth. 3. Since 2018, Argentina has faced a major economic downturn, worsened by COVID-19. The economy contracted by 9.9 percent in 2020 after two years of recession, high inflation, and lack of access to capital markets. Despite a rebound in 2021 and 2022, it slowed in 2023 amid increasing macroeconomic imbalances, a severe drought, and external shocks, with inflation reaching triple digits. The pandemic also intensified the learning crisis, and health services took a long time to recover. Poverty remained high at 42 percent.1 While employment had recovered, most new jobs were informal or in the public sector. In addition, climate-related events continued to threaten Argentina's recovery, especially for vulnerable populations and key economic sectors, such as agriculture and energy. 4. A new government took office in December 2023 prioritizing fiscal consolidation and targeted social programs for the vulnerable. Economic activity was initially impacted in the first half of 2024 but began to recover as macroeconomic imbalances eased. By the end of 2024, economic output matched August 2023 levels, driven by increased investment and private consumption, lower inflation, and improving household incomes. Fiscal consolidation impacted the implementation of the World Bank projects due to budget constraints, prompting collaboration to restructure the portfolio. 5. The Bank’s response was fast and flexible, utilizing most operational and policy instruments, and collaborating with the Government and other agencies. It supported Argentina with investment projects for COVID-19 response, basic services, and sustainable productivity and jobs. Lending surged post-pandemic to maximize support, with approvals reaching US$1 .8 billion in 2022 and 2023, averaging 1 42 percent of the population living in urban conglomerates covered by the Permanent Household Survey was living under the national poverty level in the IV quart

FAQs

What does the Completion and Learning Review assess for Argentina’s CPF?

It reviews achievement of CPF objectives, World Bank Group performance in designing and implementing the CPF program, and the alignment of the CPF with the WBG mission.

Why was the CPF period extended to FY24?

The late-2019 elections, the prolonged economic crisis, and the COVID-19 pandemic significantly shifted national priorities, prompting the PLR to adjust the CPF and extend it to FY24.

What is the overall rating of progress toward CPF objectives?

Progress toward CPF objectives is rated Moderately Satisfactory, with most objectives fully or mostly achieved and a portion partially or not achieved.

Jul 19, 2026

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