News Brief No. 96/6

News Brief: IMF Management Supports Revised Argentine Economic Program

September 13, 1996

The management of the International Monetary Fund (IMF) announced today that the Argentine authorities have formulated a revised economic program for the period through end-1997 that preserves the thrust of the policies and objectives currently supported by a stand-by arrangement from the IMF, while allowing for the modification of certain targets to reflect changed circumstances.

IMF Managing Director Michel Camdessus said that the revised program "includes important measures in the structural reform area that will help to strengthen the ongoing recovery of economic activity and employment."

A letter from the authorities describing this program and requesting the corresponding modifications is expected to be sent in coming days to the IMF for consideration by the Executive Board in October. Camdessus said he has approved the basic elements of this new program and indicated that he is prepared to recommend them to the Executive Board.