This is the first country programme evaluation undertaken by the Independent Office of Evaluation of IFAD for Argentina. The evaluation found that the performance of the investment portfolio is markedly lower than that of other countries of the region. Implementation processes encountered long delays (double the average for Latin America), which significantly affected effectiveness and efficiency. Although working in such a complex and volatile economic, political and institutional context, IFAD did not take sufficient measures to mitigate the foreseeable risks, such as challenges associated with decentralized provincial implementation. Despite the difficulties presented, IFAD-funded projects have helped increase family incomes in Argentina through the promotion of profitable and appropriate technologies.