Argentina privatized many of its railwayservices by concession contract during the early 1990s.Thereforms have been remarkable for their speed and innovation- despite the complexity of the issues and the lack of"off-the-shelf" models to follow at the time.Theoverall result has been positive.Many services haveimproved.Traffic has grown-up about 180 million passengertrips a year.Subsidies have been cut dramatically - downfrom US$2 billion or so a year to a little more that US$100million.But as with any complex reform, there is anunfinished agenda.And with the Argentine approach becominga model for other countries in Latin America this review ofthe lessons starting to emerge from the reform experience isa timely one.