IMF to Release Details of Negotiations With Argentina

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Last updated at: (Beijing Time) Friday, March 08, 2002

IMF to Release Details of Negotiations With Argentina

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The leader of the International Monetary Fund's mission to Argentina, Anoop Singh, announced on Thursday that details of the negotiations with the recession-wracked country will be released next week.

Singh, who is the IMF's Special Operations Department director, refrained from providing specific results of his visit after meeting with Argentine Deputy Economy Minister Jorge Todesca at the headquarters of the ministry.

The IMF mission, which arrived here Tuesday, aims to evaluate the Argentine economic program and public accounts, for the resumption of talks on loans to the country that badly needs the financial aid to overcome its economic woes.

Just before the meeting, Todesca told the local Radio America that the IMF was willing to work fast. He added: "It is necessary to reach a successful conclusion and that requires the fulfillment of different stages. Thus, we cannot talk about time."

Todesca said "We'll have a clearer idea of time when their visit comes to an end. We're optimistic because we've fulfilled an important part of the agenda." He said the two sides had discussed export retention, the banking sector and the budget exercise.

Argentine President Eduardo Duhalde also sounded optimistic on the negotiations, saying that Washington "will recommend that the IMF grant the requested assistance" to Argentina, as assured by Marc Grossman, U.S. Undersecretary of State for Political Affairs.

Argentina's Recession Over by May-June: President

Argentina's President Eduardo Duhalde promised on Thursday that the economic recession, which has plagued the South American country for four consecutive years, will come to an end by May or June.

"One way or another, we'll be out of the crisis by May or June, and we're going to celebrate in Argentina for the end of recession," Duhalde said in one of his regular weekly radio programs.

"If we successfully achieve a competitive devaluation that should not be reflected on pricing, Argentina will be growing at an important pace, we estimate at five percent in 2003," he said.

Argentina has been plunged in recession since mid-1998, leading to severe social consequences with an unemployment rate of above 20 percent and almost half of the people living in poverty. The situation triggered nationwide social unrest last December and earlier this year.

Although it is not certain yet whether the International Monetary Fund (IMF) will resume its financial aid to the cash-strapped Argentina, whose public debts have amounted to 141 billion U.S. dollars, Duhalde appeared confident over the position of the United States and European countries.

"I'm more confident in that the political sectors of both Europe and the United States understand Argentina has started a new way, with less attention to whatever the IMF decides," he said.

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