Argentina's Current Economic and Political Situation

[The following are excerpts of the remarks presented to the Subcommittee on International Trade and Finance, Senate Banking, Housing and Urban Affairs Committee, Washington, D.C., March 10, 2004.]

Argentina is a close and valued ally of the United States, has been through much over the last several years. We are pleased that it has now begun its economic and social recovery. Mr. Quarles and others will certainly highlight the economic and financial background and the latest status of the International Monetary Fund (IMF) negotiations. I simply want to add that the Bush Administration is united in wanting to see Argentina succeed over both the short and long-term, and believes it can do so by fully meeting its commitments under its IMF program.

Since assuming the presidency in May 2003, President Kirchner has sought in his own words to make Argentina a more predictable nation, one whose word can be relied upon. He also has sought to root out corruption, restart the Argentine economy and refurbish Argentina's stature in the world. …

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