PUBLIC DEUDA Decree 393/95 "Programme de Letras Externas a Mediano Plazo". Amend Decree No. 1588/93.

VISTO Decree No. 1588 of 26 July 1993, Decree No. 1156 of 15 July 1994, Act No. 24.447, and

CONSIDERING:

That by Decree No. 1588/93 the Minister of Economics and Public Works and Services was authorized to subscribe to un on behalf of and representation of the REPUBLIC ARGENTINA un a PROGRAMME OF EXTERNAL LETRAS TO MEDIUM PLAZO for an amount of up to VALOR NOMINAL DOLARES STATEUNIDENSES A MILiz MILLONES (V.U$1 million)

That by Decree No. 1156/94 the total amount of the Program was changed by NOMINAL VALUE DOLARES STADO-UNIDENSES DOS MIL MILLONES (V.N. U$ 2,000,000.-).

That placements have been carried out within the framework of this Programme that total an amount equivalent to VALOR NOMINAL DO LARES STATEUNIDENS A MIL SEISCIENTS SEIS MILLONES (V.N. U$S 1.606,000.000.-).

That the NATIONAL GOVERNMENT is negotiating the placement of a voucher by NOMINAL VALUE DOLARES STADOUNIDENSES DOS MIL MILLONES (V.N. U$S 2,000,000.-), with a floating interest rate and that will be issued within the "PROGRAMME OF EXTERNAL LETRAS AT MEDIUM PLAZO".

That the instrument mentioned in the preceding paragraph shall enjoy all tax exemptions from Public Titles.

That the above-mentioned Bonus may also be used to make tax payments, in accordance with the procedure established by the MINISTERY OF ECONOMY AND PUBLIC SERVICES.

That it is necessary to increase the amount of the program to contract obligations in the present fiscal year and following in an amount of up to VALOR NOMINAL DOLARES STADOUNIDENSES DOS MIL QUINIENTS MILLONES (V.N. U$S 2.500.000.-).

That the NATIONAL EXECUTIVE PODER, through the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLICAL SERVICES, is entitled to conduct public credit operations in accordance with Article 6 of Law No. 24,447.

That this measure is determined by the provisions of Article 99, paragraph 1, of the National Constitution.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 todo Amend Article 1 of Decree 1588/93, which will be drafted as follows: "ARTICULO 1o. de Please refer to the Minister of Economy and Public Works and Services or to the official designated by him, to subscribe dein the name and representation of the REPUBLIC ARGENTINA un a PROGRAMME OF EXTERNAL LETRAS TO NO Such obligations shall be entered into within the limits established by the Budget Act in force at the time of its conclusion. It may also carry out foreign exchange operations, interest rates and titles up to the mentioned amount. "

Art. 2o al Authorize the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS to determine the way in which the NOMINAL VALUE DOLARES STATEUNIDENS DOS MIL MILLONES (V.N. U$ 2,000,000.-) to be placed, can be used to make payments of NATIONAL IMPESTS. This regime will not include the cancellation of obligations under the UNSYSTEM FOR SOCIAL SECURITY. MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS shall establish the necessary procedure to give effect to the NATIONAL POPULATION POPULATION REGION with the PROVINCIES that originates the application of the payment system set forth above.

Art. 3o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.