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Argentina's New Budget Slashes Government Spending VOA News 1 Mar 2002 18:11 UTC 
Argentina's lower house of parliament has approved a budget for 2002, aiming at bringing the country out of its four-year recession.
The budget needs to be approved by the Senate, which is expected to discuss it next week. Approval of the 2002 budget is a necessary step before Argentina can resume negotiations with the International Monetary Fund on a new loan package.
The budget forecasts a deficit of $1.4 billion, far lower than the $9 billion deficit in 2001. The budget also cuts government spending by 14.6 percent, and continues the default on its debt. Argentina defaulted on its $141 billion debt last December.
Some information for this report provided by Reuters and Bloomberg.
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