Fernando de la Rua, the new Argentine President, said Friday that his government will face courageously the crisis faced by the country .

De la Rua substituted Friday for Carlos Menem, who concluded his second consecutive mandate as president.

The new president declared himself in favor of a shared effort to bring the country out of the crisis, and demanded the approval of a realistic budget with precise figures.

An additional effort is required until the recovery of the economy and the success of the inexorable fight against tax evasion and corruption will show its results, he said.

He deplored the existence of an enormous fiscal deficit and of a budget without the approval of the Congress.

Argentina, one of the richest countries in Latin America is facing economic difficulties due to the devaluation of the real ( currency of Brazil in January).

Argentina will breach the 5.1 billion-dollar fiscal deficit target set with the International Monetary Fund (IMF) for this year, and next year's deficit could soar to 10 billion dollars without tough measures, said Argentine new Minister of Economy Jose Luis Machinea later October.

De la Rua, the winner of the October 24 elections, will serve the fourth presidential period since the restoration of democracy in 1983, after Raul Alfonsin and Carlos Menem. (Xinhua)