News Brief No. 02/43

News Brief: IMF Managing Director meets Argentine Economy Minister, Board extends repayment of SRF

May 21, 2002

The Managing Director of the IMF, Horst Köhler, met today for the first time with the Minister of the Economy of Argentina, Roberto Lavagna. After the meeting, the Managing Director made the following statement:

"The IMF remains fully committed to doing all that it can to helping Argentina to put together the strong program needed to stabilize its economy and lay the foundations for a return to sustained growth. The task is imposing, but it can be accomplished, through decisive action by the government, supported by the Argentine people. The international community stands ready to help such an effort.

"Minister Lavagna's visit provided a welcome opportunity to review the efforts of his new economic team and the central bank to develop a comprehensive program that would address the deteriorating economic situation faced by Argentina.

"As a demonstration of the Fund's support, the Executive Board today approved the extension for one year of a repurchase expectation of SDR 106 million (about US$136 million)", Köhler said.