Economy Minister Amado Boudou said the government will "continue with an aggressive policy of public works" in 2010, regardless of the economic recovery that is expected for next year after the end of the economic recession.

"We will go forward in our efforts and continue in this path," he added during a radio interview today. The recently approved 2010 Budget forecasts a 2.5 GDP growth next year. The announcement comes as analysts are voicing concerns over the high fiscal pressure - currently above 40 percent - and the high level of public spending.

Boudou meanwhile said the debt swap of the bondholders who refused to accept the 2005 negotiations, which is expected to be launched in January, "will be beneficitial for the country, allowing to get the issue out of the way and reinforce the Argentine position abroad."

He also noted that the swap "will grant the private sector access to larger volumes of capital at lower interest rates."

"We're working with the SEC (the US Securities and Exchange Comission) for an endorsement of the swap," he added, which he estimated would be concluded in 30 days.

He also praised the government's decision to grant a one-time 350-peso subsidy to pensioners during the holidays, in a move the government says aims at boosting consumption.

"Between the yearly bonuses and the 350 pesos, each pensioner will receive 1600 pesos, which is a very important amount," he said.