VBA does not have structured exception handling (try/catch in C++, C#, VB.Net or try/except in Delphi). Since MAPIFolder.Folders.Item raises an exception if the specified folder is not found, VBA can only handle exceptions using "on error goto".
In VBA.Net, try something like the following (off the top of my head):
Try
myNewFolder = myFolder.Folders("ARS")
Catch
myNewFolder = myFolder.Folders.Add("ARS")
End Try
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