04 February 1998 - International [Argentina]

The IMF approves a three-year Extended Fund Facility loan worth US$2.8 billion. Although the Fund gives no projections for real GDP growth, it forecasts consumer price inflation at 1 % in 1998 and targets the current account deficit at 3.5% of GDP. Foreign Secretary Pablo Guidotti states that the IMF facility will only be drawn upon if borrowing conditions on international capital markets become difficult.