Although the deficit was 8.7% of GDP in 1990-91 and despite the fact that it had fallen to 8% of GDP in 1992-93, the decrease was not satisfactory for the International Monetary Fund .3. THE 1994 AGREEMENT: The goal of this agreement was for the deficit to fall to 4% of GDP in 1994-95. And fall further to 3% of GDP in the period 1995-96. However, in December 1995 the terms were changed due to renegotiation and the new target was to reduce the deficit to 5% of 1994-95 GDP. Again the IMF insisted, as it had done previously, on raising the prices of education, gas, health services, electricity and water. The deficit did not reach the target and was 5.8% of 1994-95 GDP, the target should have been 5%. of GDP. The $1.4 billion loan did not materialize due to suspension due to failure to meet previously agreed conditions. After renegotiation a new contract was signed and the deficit could only reach 4% of 1996-97 GDP. But the date was extended to September of the same year instead of February of the same year, and the amount of money was increased to $850 million, or $600 million.