Announcement of World Bank Supports Argentina’s Efforts to Stabilize Economy and Secure Growth on August 4, 1988

202' 676` 9271U i n . . 08/04/1988 17:30 WORLD BANK LACUP 202 676 9271 P.01 vVorld Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.- BANK NEWS RELEASE NO. 89/S2 Contacts Ciro Gamarra (202) 473-8721 WORLD BANK SUPPORTS ARGENTINA'S EFFORTS TO STABILIZE ECONOMY AND SECURE GROWTH WASHINGTON, D,C., August 4, 1988 -- Barber B. Conable, President of the World Bank, today welcomed the Argentine Government's efforts to stimulate growth through new structural measures and to reduce inflation in the context of a new economic program announced last night. The World Bank has worked with the government in supporting its efforts to reform the trade regime, and its restructuring of public enterprises. Mr. Conable said, "We believe these measures, together with the changes in exchange markets, will improve competitiveness and stimulate investments in non-traditional exports and new efficient domestic industries." "These efforts at restructuring the economy are a prerequisite for renewed growth and poverty alleviation," added Mr. Conable. As an indication of its willingness to support the government in its efforts, the World Bank is sending to Argentina next week a group of high- level officials led.by its Regional Vice President for Latin America and the Caribbean, S. Shahid Husain. The World Bank delegation will review the macroeconomic situation, analyze the potential impact of the new program, and discuss the World Bank's financial support for the country with high level government officials. The World Bank has an-active lending program in Argentina and stands ready to support actions of the Argentine Government that will contribute to improving the standard of living of all Argentines. In fiscal year 1988, ended last June, the World Bank approved three loans to Argentina-totalling $626.5 million, In the current fiscal year the Bank has already approved one loan, of $28 million, to help finance a social sector management technical assistance project. NOTE; Money figures are expressed in U.S. dollar equivalents.