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2,800 | <s>[INST] "We are the world champions [/INST] of gradualism," said Elias Bluth, presidential chief of staff. </s> |
2,801 | <s>[INST] After a 1992 referendum rejected privatisation of the Antel telecoms monopoly, [/INST] government has been forced to look at more incremental options for bringing private capital and competition into state dominated sectors. </s> |
2,802 | <s>[INST] It has offered toll road concessions to [/INST] private operators and ended state monopolies in areas such as insurance. </s> |
2,803 | <s>[INST] Running of Montevideo's port and airport is being [/INST] put out to tender; state organisations have been encouraged to seek private sector partnerships. </s> |
2,804 | <s>[INST] Montevideo's city government, under the Frente [/INST] Amplio broad-left coalition, has turned to private companies to run services. </s> |
2,805 | <s>[INST] Government plans to allow the private sector [/INST] into electricity generation alongside the state monopoly UTE have met opposition. </s> |
2,806 | <s>[INST] A plebiscite in March failed to win the 25 per cent [/INST] of votes required to force a referendum on the changes, voters have a second chance to secure one in June. </s> |
2,807 | <s>[INST] If they succeed, a [/INST] binding vote will be held in October. </s> |
2,808 | <s>[INST] The Frente Amplio, expected to make a strong showing in [/INST] the November 1999 presidential elections, may be able to play on fears of privatisation to derail the liberalisation. </s> |
2,809 | <s>[INST] The ruling coalition's key reform, creation of [/INST] a private pension fund system in 1996, has exceeded its backers' hopes. </s> |
2,810 | <s>[INST] The pay-as-you-go state system, combined with an ageing [/INST] population and widespread option of early retirement, was an ever-rising burden on state finances. </s> |
2,811 | <s>[INST] Private pension funds, known as AFAPs, were expected to [/INST] win about 100,000 adherents in the early years of operation, running alongside the state system. </s> |
2,812 | <s>[INST] Transition costs, with those of administrative and [/INST] education reforms, are being met with World Bank and Inter-American Development Bank loans. </s> |
2,813 | <s>[INST] The AFAPs are largely confined to investing in government [/INST] paper, but the rules will be progressively relaxed, giving a boost to Uruguay's financial markets. </s> |
2,814 | <s>[INST] Montevideo has secured the Mercosur central administration, sparking [/INST] hopes it will become a mini-Brussels at the heart of the trade grouping. </s> |
2,815 | <s>[INST] The secretariat is due to [/INST] move into its new headquarters within months. </s> |
2,816 | <s>[INST] ___ Document 85 of 600 IMF breaks up Argentina's party ECONOMIC POLICY FUND URGES [/INST] BRAKE ON GROWTH TAX MEASURES AND FREEZE ON NEW INFRASTRUCTURE PROJECTS RECOMMENDED: Author: Warn, Ken Publication info: Financial Times [London (UK)] 08 Apr 1998: 05. </s> |
2,817 | <s>[INST] accountid=28034 Abstract: Argentina's economy is growing at more [/INST] than 8 per cent a year, after notching up 8.4 per cent growth last year. </s> |
2,818 | <s>[INST] The mission criticised proposed labour market reforms, warning that the package [/INST] fell well short of Argentina's commitments in its letter of intent with the IMF for a three-year $2.8bn facility. </s> |
2,819 | <s>[INST] It also queried spending plans, backed by President Carlos [/INST] Menem, which appear to be aimed at generating a "feel-good" factor before next year's presidential elections. </s> |
2,820 | <s>[INST] The visit was triggered by a sharp deterioration in Argentina's [/INST] trade position, which has already taken the 12-month deficit above the $5bn guideline agreed with the IMF. </s> |
2,821 | <s>[INST] The trade deficit could rise this year to $8bn, the mission warned, taking [/INST] the current account deficit to the equivalent of 4.75 per cent of gross domestic product, against a 3.8 per cent maximum agreed with the IMF. </s> |
2,822 | <s>[INST] "It is unlikely that more than one third [/INST] of such a deficit could be financed by foreign direct investment," the mission said. </s> |
2,823 | <s>[INST] Full text: Argentina's economy is growing at more [/INST] than 8 per cent a year, after notching up 8.4 per cent growth last year. </s> |
2,824 | <s>[INST] An IMF mission this week [/INST] urged changes in economic policies to damp domestic demand. </s> |
2,825 | <s>[INST] Its main worry is that growth is not sustainable [/INST] without a rising trade gap and increased exposure to a turnaround in international investor sentiment. </s> |
2,826 | <s>[INST] The mission criticised proposed labour market reforms, warning that the package [/INST] fell well short of Argentina's commitments in its letter of intent with the IMF for a three-year $2.8bn facility. </s> |
2,827 | <s>[INST] It also queried spending plans, backed by President Carlos [/INST] Menem, which appear to be aimed at generating a "feel-good" factor before next year's presidential elections. </s> |
2,828 | <s>[INST] The visit was triggered by a sharp deterioration in Argentina's [/INST] trade position, which has already taken the 12-month deficit above the $5bn guideline agreed with the IMF. </s> |
2,829 | <s>[INST] The trade deficit could rise this year to $8bn, the mission warned, taking [/INST] the current account deficit to the equivalent of 4.75 per cent of gross domestic product, against a 3.8 per cent maximum agreed with the IMF. </s> |
2,830 | <s>[INST] "It is unlikely that more than one third [/INST] of such a deficit could be financed by foreign direct investment," the mission said. </s> |
2,831 | <s>[INST] "The Fund has taken a very extreme view [/INST] on the current account and they are clearly worried," said Pablo Guidotti, treasury secretary. </s> |
2,832 | <s>[INST] "We have a fundamental disagreement over [/INST] this, but in the end it is investors who will decide". </s> |
2,833 | <s>[INST] The government argues that the trade imbalance is part of a [/INST] virtuous circle, with strong foreign investment fuelling high imports of capital goods, which will in turn lead to improved export prospects. </s> |
2,834 | <s>[INST] However, Argentina's exports have been hit by a triple whammy of falling [/INST] commodity prices, a slowdown in Brazil, its main market, and a strong dollar, to which the Argentine peso is pegged at par. </s> |
2,835 | <s>[INST] Last year exports grew 7 [/INST] per cent, but imports rose 27 per cent. </s> |
2,836 | <s>[INST] The IMF backed the government's tax reform proposals, [/INST] aimed at extending value-added tax to pay for cuts in taxes on labour. </s> |
2,837 | <s>[INST] But it urged modifications [/INST] and early implementation to raise more revenue. </s> |
2,838 | <s>[INST] The economy ministry has already signalled its willingness to shelve [/INST] $400m of infrastructure spending due to be financed by the privatisation of the Banco Hipotecario Nacional this year. </s> |
2,839 | <s>[INST] * Increases in bank liquidity requirements [/INST] to help curb the growth of domestic bank credit. </s> |
2,840 | <s>[INST] * Fundamental revisions to the government's proposed labour reforms, which [/INST] entrench collective bargaining and make no provision for competition among healthcare schemes, which remain in union control. </s> |
2,841 | <s>[INST] It also called for a phased, [/INST] rather than immediate withdrawal of flexible, temporary work contracts. </s> |
2,842 | <s>[INST] Many say these have [/INST] been the main generator of new jobs. </s> |
2,843 | <s>[INST] Argentina is not constrained to [/INST] implement the IMF's recommendations, Mr Guidotti said. </s> |
2,844 | <s>[INST] "We are meeting our targets [/INST] for the quarter and the programme is on track". </s> |
2,845 | <s>[INST] The programme is due for [/INST] formal review by the IMF in June. </s> |
2,846 | <s>[INST] However, the mission's strictures strengthen the hand of those in government, [/INST] especially the economy ministry, who want to discourage an acceleration in public spending in the run-up to the elections. </s> |
2,847 | <s>[INST] The central bank may eventually follow the [/INST] Fund's recommendation to raise banks' liquidity requirements from the present 20 per cent. </s> |
2,848 | <s>[INST] However, central bank officials say they would be happy to raise [/INST] the requirements if they felt it necessary for reasons of prudence, but doubt its efficacy as an instrument of macroeconomic policy. </s> |
2,849 | <s>[INST] But the main impact of the IMF's criticisms could be on [/INST] the ruling Peronist party, which has looked to continued strong growth as a key plank in its election appeal. </s> |
2,850 | <s>[INST] Mr Menem has backed plans to build 10,000km of motorways, paid [/INST] for by new fuel taxes, and to raise teachers' salaries, paid for by a 1 per cent tax on car sales. </s> |
2,851 | <s>[INST] But the IMF said such [/INST] projects should be paid for by spending cuts elsewhere. </s> |
2,852 | <s>[INST] Mr Menem's supporters want the [/INST] constitution changed to allow him a third term. </s> |
2,853 | <s>[INST] A dose of unpleasant IMF [/INST] medicine is not in their game plan. </s> |
2,854 | <s>[INST] ___ Document 108 of 600 Tax reforms anger Argentine business IMF-AGREED [/INST] TERMS ATTEMPT TO INCREASE REVENUE FROM COMPANIES: Author: Warn, Ken Publication info: Financial Times [London (UK)] 31 Mar 1998: 05. </s> |
2,855 | <s>[INST] accountid=28034 Abstract: Argentine companies are up in arms about the government's [/INST] tax reform proposals and have taken out newspaper advertisements attacking the package, signed by President Carlos Menem on Friday. </s> |
2,856 | <s>[INST] The package is a cornerstone of the structural reforms to which Argentina [/INST] is committed under the terms of its three-year $2.8bn (£1.7bn) extended fund facility agreed in February with the International Monetary Fund. </s> |
2,857 | <s>[INST] An IMF team arrived in Buenos [/INST] Aires yesterday to review the economy and progress on structural change. </s> |
2,858 | <s>[INST] The tax reforms, which are intended to be [/INST] balanced and revenue neutral, had three main aims, said Pablo Guidotti, treasury secretary. </s> |
2,859 | <s>[INST] They are: * Cutting unemployment [/INST] from its present 13.7 per cent and improving competitiveness. </s> |
2,860 | <s>[INST] The 22 per cent tax on labour met by companies will be cut by 6.5 points in an [/INST] effort to stimulate job creation; Full text: Argentine companies are up in arms about the government's tax reform proposals and have taken out newspaper advertisements attacking the package, signed by President Carlos Menem on Friday. </s> |
2,861 | <s>[INST] Now they aim to take [/INST] their battle against the reforms to Congress. </s> |
2,862 | <s>[INST] No wonder, officials mutter under their breath [/INST] - most companies try their hardest not to pay any taxes at all. </s> |
2,863 | <s>[INST] The package is a cornerstone of the structural reforms to which Argentina [/INST] is committed under the terms of its three-year $2.8bn (£1.7bn) extended fund facility agreed in February with the International Monetary Fund. </s> |
2,864 | <s>[INST] An IMF team arrived in Buenos [/INST] Aires yesterday to review the economy and progress on structural change. </s> |
2,865 | <s>[INST] The tax reforms, which are intended to be [/INST] balanced and revenue neutral, had three main aims, said Pablo Guidotti, treasury secretary. </s> |
2,866 | <s>[INST] They are: * Cutting unemployment [/INST] from its present 13.7 per cent and improving competitiveness. </s> |
2,867 | <s>[INST] The 22 per cent tax on labour met by companies will be cut by 6.5 points in [/INST] an effort to stimulate job creation; * Eliminating distortions in the tax law which subsidise corporate indebtedness; * Reducing tax evasion, which is estimated at between 40 and 50 per cent. </s> |
2,868 | <s>[INST] Higher taxes on tobacco, alcohol [/INST] and soft-drinks have brought the loudest protests from industry. </s> |
2,869 | <s>[INST] Value added tax (VAT) will also be imposed for [/INST] the first time on cable television, health insurance, advertising and printed publications, except for newspapers. </s> |
2,870 | <s>[INST] The prevailing VAT rate of [/INST] 21 per cent will be halved on essential foods. </s> |
2,871 | <s>[INST] Taxes on company and individual [/INST] earnings will rise from 33 to 35 per cent. </s> |
2,872 | <s>[INST] A tax of 15 per cent is to be imposed on [/INST] interest payments on borrowings through the bond markets, payable by the issuer, and on payments to other foreign lenders. </s> |
2,873 | <s>[INST] Under current tax law, interest payments were [/INST] tax exempt and deductible, providing a subsidy to indebtedness, said Mr Guidotti. </s> |
2,874 | <s>[INST] "Some of the problems in [/INST] Asia have to do with tax incentives to debt. </s> |
2,875 | <s>[INST] We see this as [/INST] a distortion and want to eliminate it". </s> |
2,876 | <s>[INST] There is evidence that many Argentine [/INST] companies generate debt and interest payments to minimise their tax liabilities. </s> |
2,877 | <s>[INST] In the last fiscal year only 39 [/INST] per cent of companies which presented tax declarations incurred any tax liability. </s> |
2,878 | <s>[INST] Of the 1,600 biggest contributors, [/INST] only 700 registered a positive tax liability. </s> |
2,879 | <s>[INST] To pull the other 60 per cent into the tax [/INST] net, the government plans both the tax on borrowings and a1 per cent tax on gross assets. </s> |
2,880 | <s>[INST] It also aims to adopt OECD norms on [/INST] transfer pricing to stop companies manipulating their internal prices to cut tax liabilities. </s> |
2,881 | <s>[INST] Bond market investors have expressed concern that the tax [/INST] on bond interest payments could trigger tax contingent clauses allowing Argentine bonds to be called at par. </s> |
2,882 | <s>[INST] "Our legal advice is that these clauses would not [/INST] be triggered and the tax will not generate changes in outstanding securities," said Mr Guidotti. </s> |
2,883 | <s>[INST] Despite the opposition from business, Mr [/INST] Guidotti is confident the main proposals will be passed. </s> |
2,884 | <s>[INST] He also expected the IMF [/INST] team to be happy with economic progress. </s> |
2,885 | <s>[INST] ___ Document 159 of 600 BANKING Determined drive for [/INST] strength fuels consolidation Author: Crawford, Leslie Publication info: Financial Times [London (UK)] 12 Mar 1998: 02. </s> |
2,886 | <s>[INST] accountid=28034 Abstract: Latin America's banking industry has entered a phase [/INST] of rapid consolidation following the financial upheavals that wrecked many banks and required costly government bail-outs in the mid-1990s. </s> |
2,887 | <s>[INST] Seventy banks have gone out of business [/INST] in Argentina since December 1994, leaving 135 mostly small, regional banks in operation. </s> |
2,888 | <s>[INST] In Brazil, 50 of the country's 240 banks have either [/INST] disappeared or merged into bigger financial groups since the introduction of the Real anti-inflation plan in mid-1994. </s> |
2,889 | <s>[INST] In Mexico, only eight of the [/INST] 18 banks privatised in 1991-92 remain with their original buyers. </s> |
2,890 | <s>[INST] Thirteen banks buckled under the weight of loan defaults [/INST] and were placed under central bank intervention, while four were taken over by foreign banks. </s> |
2,891 | <s>[INST] Full text: by Leslie Crawford in Mexico City Determined drive for strength fuels consolidation The arrival of foreign banks [/INST] has led to revitalising changes in the sector Latin America's banking industry has entered a phase of rapid consolidation following the financial upheavals that wrecked many banks and required costly government bail-outs in the mid-1990s. </s> |
2,892 | <s>[INST] Seventy banks have gone out of business [/INST] in Argentina since December 1994, leaving 135 mostly small, regional banks in operation. </s> |
2,893 | <s>[INST] In Brazil, 50 of the country's 240 banks have either [/INST] disappeared or merged into bigger financial groups since the introduction of the Real anti-inflation plan in mid-1994. </s> |
2,894 | <s>[INST] In Mexico, only eight of the [/INST] 18 banks privatised in 1991-92 remain with their original buyers. </s> |
2,895 | <s>[INST] Thirteen banks buckled under the weight of loan defaults [/INST] and were placed under central bank intervention, while four were taken over by foreign banks. </s> |
2,896 | <s>[INST] The 1994-95 financial crisis in Venezuela forced the government to intervene in [/INST] 56 financial institutions and take control of another 24, representing about 50 per cent of the deposits in the financial system. </s> |
2,897 | <s>[INST] The consolidation wave is being driven by the determination [/INST] of the region's banking supervisors to build strong banks with healthy capital bases and clean balance sheets. </s> |
2,898 | <s>[INST] Foreign banks, which have taken Latin [/INST] America by storm since 1995, are accelerating the process. </s> |
2,899 | <s>[INST] Where foreign banks have established a beachhead in Latin America, usually through [/INST] the acquisition of local banks, they have shaken up the industry with new products, aggressive marketing, more capital and better technology. </s> |
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