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INTERNATIONAL MONETARY FUND MANAGING DIRECTOR ISSUES STATEMENT AFTER CONCLUSION OF MEETING WITH MINISTER OF ECONOMY OF ARGENTINA

INTERNATIONAL MONETARY FUND MANAGING DIRECTOR ISSUES STATEMENT AFTER
 CONCLUSION OF MEETING WITH MINISTER OF ECONOMY OF ARGENTINA
 WASHINGTON, Jan. 28 /PRNewswire/ -- The Managing Director of the International Monetary Fund, Michel Camdessus, at the conclusion of today's meeting with the Minister of Economy of Argentina, Domingo Cavallo said the following:
 It is heartening to note that the program of adjustment and structural change being implemented by the Argentine authorities is showing impressive results. Inflation has been converging to international rates, market confidence has been restored, and there has been a reactivation of economic activity as a result of a firm commitment to macro-economic discipline and to a far-reaching liberalization effort, aimed at strengthening the market mechanism and at fully integrating Argentina to the world economy.
 The end-1991 performance under the current stand-by arrangement shows a significant degree of fiscal consolidation, and achievement of other important program objectives. In my judgment this has established an appropriate basis for moving to an extended arrangement, in order to enhance the prospects for investment and growth with external viability. Discussions on a medium-term economic program supported by an extended fund facility (EFF), are proceeding as expected, with a view to presenting an arrangement to the executive board for approval before the end of March.
 The program covers the period 1992/94, and projects a sustained annual primary surplus of the non financial public sector plus capital revenues in the context of a broad commitment to privatization and other important structural reforms, to ensure compatibility with medium-term external requirements. An important objective will be the normalization of Argentina's relations with the international banking community.
 In sum, the program constitutes a determined effort by Argentina to lay the groundwork for sustained growth and macro-economic viability over the medium term. However, it is essential for the success of the government's medium term strategy that this adjustment effort be sustained steadily, and that it be accompanied by adequate financial support from multilateral and bilateral creditors. Voluntary debt and debt-service reduction constitutes a key component of the strategy and therefore I urge early and full support of the Argentine program by the international banking community.
 -0- 1/28/92
 /CONTACT: International Monetary Fund, External Relations Department, 202-623-7100/ CO: International Monetary Fund ST: District of Columbia IN: FIN SU:


DS-MK -- DC047 -- 4487 01/28/92 18:30 EST
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Date:Jan 28, 1992
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