ed. In recent years, in spite of all these efforts, the budget is showing a persistent if limited deficit and it is expected that it will take several years before the deficit can be totally eliminated. (The deficit agreed on with the IMF for 2000 is equal to about 1,6% of the GDP). The privatization program has led to the transfer of airlines, telephone systems, railroads, water supply, sewer systems, public utilities, etc. to private owners or operators and the bulk of its implementation has been completed.During 1992, Argentina reached an agreement with its foreign bank creditors for a rescheduling and reduction of its old debt within the framework of the "Brady Plan". This agreement has been implemented during 1993, entailing a formal debt reduction and also a reduction in the interest cost. By this agreement, Argentina finally achieved a solution to the foreign debt crisis that had clouded its economic outlook for almost 20 years.Argentina Investment figures 3Argentina's estimates of foreign investment projects for 2001 come to around US$9,400mil, the lowest investment in the last five years, with a drop which could reach 25% in relation to 2000. In the first 8 months of the year, foreign investment came to almost US$6,300mil according to information from Fundacion Invertir. Last year, investment was of more than US$12,500mil. Mining is one of the sectors affected by the lack of investment with less than US$100mil. Telecommunications continue to attract most of the foreign investment as in August Fundacion Invertir registered foreign projects in this sector of almost US$1,400mil followed by the electricity sector with US$1,100mil. The main project this year corresponds to the US$1,000mil that Petrobras is spending in exchanging assets with Repsol YPF to take over the petrol stations. The main countries which invested in the country this year are France, the United States and Brazil, concentrating over 95% of the operations.Example...
