Silva and his cabinet followed in part the lead of the previous government, by renewing all agreements with the International Monetary Fund, which were signed by the time Argentina defaulted on its own deals in 2001. His government achieved a satisfactory primary budget surplus in the first two years, as required by the IMF agreement, exceeding the target for the third year. In late 2005, the government paid off its debt to the IMF in full, two years ahead of schedule. Three years after the election, Lula had slowly but firmly gained the market's confidence, and sovereign risk indexes fell to around 250 points. The government's choice of inflation targeting kept the economy stable, and was complimented during the 2005 World Economic Forum in Davos.