Argentina wins relief on debt payment

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As Argentina struggles to cope with a deepening recession and the depreciation of its currency, the IMF Executive Board agreed on January 16 to extend by one year the due date of a repayment of $933 million under the Supplemental Reserve Facility (SRF) as part of a stand-by credit. Such extensions are allowed under the SRF if repayment would cause undue hardship to a borrower and if the borrower is taking actions to strengthen its balance of payments.

On September 7, 2001, the IMF had increased Argentina's stand-by credit to $21.57 billion.

On January 16, Argentina named Mario Blejer, a former IMF economist, Central Bank Governor to replace Roque Maccarone, who had resigned in a dispute over bank controls.

Blejer, a national of Argentina, joined the central bank in August 2001 as vice president. Prior to...