MercoPress. South Atlantic News Agency

Credit assistance for Argentina.

Argentina will be signing in the coming months a five years 5 billion US dollars loan with the Interamerian Development Bank, IDB and is negotiating a similar credit with the World Bank, according to Argentine Economy Ministry sources in Peru.

"We've advanced in the technical aspects of the loan with the IDB and it should be ready for signing in two months time", said Mr. Armando Torres, spokesperson for Argentina Economy Minister Roberto Lavagna.

"The first one billion US dollars are for the social area with a first 500 million disbursement this year", said Mr. Torres who revealed that Mr. Lavagna had met with IDB president Enrique Iglesias to iron out some details.

IDB is holding its annual assembly in Lima, Peru which convenes most Latinamerican Economy and Finance officials from IDB country members.

Mr. Lavagna is also scheduled to meet in Lima with the World Bank vicepresident for Latinamerica and the Caribbean, David de Ferranti to talk about another 5 billion US dollars loan.

The credit was conditioned to the approval by the IMF of the second reviews of the stand by agreement with Argentina.

"With Mr. de Ferranti we will analyze the strategy of a similar four and a half years five billion US dollars loan", added Mr. Torres.

Argentina is currently under pressure from the IMF and the Group of Seven most industrialized countries, G 7, to advance in the restructuring of its debt with private bond holders totalling 88 billion US dollars.