MercoPress. South Atlantic News Agency

Pressure for a quick agreement

United Nations Economic Committee for Latinamerica and the Caribbean, CEPAL, pressed for a quick agreement from the International Monetary Fund, IMF, with Argentina, to help the country overcome three years of crisis that could have threatening consequences in the rest of the continent.

CEPAL chairman José Antonio Ocampo demanded IMF speed up the negotiation process with Argentina, since "the world community can't turn its back on Argentina; the country's leadership is making a real effort to elaborate a reliable long term economic program with international support".

Mr. Ocampo was addressing the United Nations Conference on Development Financing in Monterry, Mexico, where top leaders of the world, including President George Bush are present.

Further on Mr. Ocampo said that Argentina is not solely responsible for the gigantic flee of capital, "it's an extreme case, but the abundance of money first and then the massive withdrawal can be seen as another chapter of Argentine history, but also as the existence of highly volatile markets, which is a responsibility of the international community".

"There's a growing international consensus favoring Argentina, but the aid must come quick, because Argentina's problems can't be sustained longer", stressed Mr. Ocampo.

CEPAL chairman added that one of the most worrisome aspects of the world financial system of the last three decades has been the "succession of boom-bust cycles regarding financing and the volatility of short term capital".

Mr. Ocampo said Latinamerica since 1998 has grown a meager 1,5% annually, redressing the gradual elimination of poverty, and "this can't all be attributed to mis management of regional governments".

"What is needed is better information, regulated financial markets and a coordination of preventive measures during boom periods, plus adequate IMF assistance in crisis time".