News Brief No. 02/6

News Brief: IMF, World Bank and IDB Working Closely to Help Argentina

January 28, 2002

The International Monetary Fund (IMF), the World Bank and the Inter-American Development Bank (IDB) are working together closely to help Argentina. In this context, IMF Managing Director Horst Köhler, World Bank President James D. Wolfensohn and IDB President Enrique Iglesias met today at IMF Headquarters in Washington, D.C. to discuss Argentina. After their meeting, they issued the following statement:

"We wish to express our deep concern about the continuing economic and social distress in Argentina and to reiterate the readiness of the IMF, the World Bank and the IDB to help the Argentine people overcome the daunting challenges they face.

"The IMF will continue to work rapidly with the Argentine authorities in the definition and formulation of a sound and comprehensive economic plan to overcome the crisis. The goals of the plan, which the IMF could support with financial assistance, are to rekindle activity, to preserve macroeconomic stability and to set the basis for growth. In this context, the IMF is already providing technical assistance in banking, budget and debt management, and Fund staff will travel to Argentina again this week. The IMF will co-ordinate with other international efforts in this area.

"The World Bank and the IDB stand ready to accelerate current lending to Argentina to provide immediate assistance in addressing the most pressing social needs, in such areas as education, health care and nutrition."