This signifies the first substantial revision since the launch of the standard, that presently covers more than million birds. The revision period was launched in and covered every element of the standard. Key changes to the Responsible Down Standard, include:. These are significant changes that will create a much stronger standard and will require equally strong commitment and training from farms and suppliers.
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The International Monetary Fund staff and Argentina authorities have reached an agreement on a set of strengthened economic policies that will underpin the month Stand-By Arrangement SBA approved on June 20, The resources available under the program would no longer be treated as precautionary and the authorities intend to use IMF financing for budget support. At the core of the new plan is a fiscal policy aimed at strengthening its fiscal position and having a sustainable, appropriately financed budget, a strong monetary policy focused on reducing inflation, a floating exchange rate policy without intervention. Congressional approval of the budget will be an essential next step. To tackle inflation, the authorities will shift towards a stronger, simpler, and verifiable monetary policy regime, replacing the inflation targeting regime with a monetary base target. This new framework will contain the supply of money, and keep short-term interest rates at their currently high levels, aiming to bring down inflation and inflation expectations decisively and rapidly. In the event of extreme overshooting of the exchange rate, the BCRA may conduct limited intervention in foreign exchange markets to prevent disorderly market conditions.
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