News Brief No. 01/41

News Brief: IMF Management Welcomes Argentine Fiscal Measures

April 28, 2001

The Managing Director of the IMF, Horst Köhler, met with the Minister of the Economy of Argentina, Domingo Cavallo, today. The Minister outlined to the Managing Director the comprehensive set of measures being implemented to contain the fiscal deficit for 2001 within the ceiling of US$6.5 billion established in accordance with the Fiscal Responsibility Law. The Managing Director welcomed these measures as an important and decisive step to boost confidence, consistent with the objectives of the IMF-supported program that is in place. This, together with other initiatives announced by the Argentine government and the unwavering commitment to the Convertibility Law, should provide a strong basis for a sustained recovery of the economy.

It is expected that discussions with the authorities on the remaining details of the memorandum on economic policies will be concluded within the next few days.