Argentine Fiscal Plan Endorsed
The managing director of the International Monetary Fund, Jacques de Larosiere, said today that he will back Argentina’s efforts to cope with its $48-billion international debt by submitting a request for resumed IMF aid to representatives of its 148 member nations.
In return, the Argentine government reportedly agreed to hold down spending and reduce inflation. In Buenos Aires today, the Central Bank devalued the Argentine peso by 18%, the biggest change since President Raul Alfonsin’s civilian government took office in late 1983.
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