Argentina Second Inclusive Growth Programmatic Development Policy Loan Chair Summary* July 11, 2019 Executive Directors approved the Second Inclusive Growth Programmatic Development Policy Loan (DPL) for Argentina in the amount of US$500 million on the terms and conditions set out in the President’s Memorandum. Directors expressed their appreciation for the World Bank’s support for Argentina’s economic and social program. They welcomed the policy focus of the DPL, namely the actions taken to strengthen the foundations for private sector-led growth, improve the social safety net, and enhance fiscal equity. Directors stressed the importance of providing support that is complementary to the IMF’s Stand-By Arrangement and noted the need for continued close coordination between the institutions and with other IFIs. Directors highlighted the importance of continued structural reforms that contribute to accelerate the country’s growth and promote deeper integration with global markets. They also emphasized that it is critical to protect the vulnerable and recognized the focus of the Bank program on expanding coverage of the main social safety net program while making it more effective. Directors acknowledged the overall high risks associated with the operation, including political and governance risks, social and sustainability risks, and macroeconomic and debt distress risks, as well as institutional capacity for implementation. They encouraged the Bank to continue its close technical cooperation with the Government of Argentina supporting its structural reform program and overall risk mitigation efforts. * This summary is not an approved record.