Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.435

+8.7%

Jan 2 9:30 AM EST

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To: Steve Fancy who wrote (9035)	10/18/1998 1:45:00 PM
From: Steve Fancy	of 22640

IMF-Led Contingency Fund Could Total $90 Bln - Cardoso Dow Jones Newswires OPORTO, Portugal -- Brazilian President Fernando Henrique Cardoso said Saturday that an International Monetary Fund-led contingency fund under discussion for countries in crisis could total $90 billion. Speaking to reporters during a summit of Ibero-American leaders, Cardoso said the U.S. Congress' long-awaited approval Thursday of IMF funding paved the way for more financing. "The U.S. Congress has approved $18 billion and the total could reach $90 billion," Cardoso said of the fund. He said that $90 billion would be a "sufficiently massive amount of resources" to allow any country that's doing its economic homework to quickly access enough money to deal with sudden outflows. "A country that is doing what needs to be done must have the possibility of accessing this sort of special check if they need to use it," Cardoso said. He emphasized that the fund would be organized by the IMF, and would be available to any qualifying country, not just Brazil. Brazil, whose markets have been under siege since mid-August, is actively negotiating with the IMF the terms which would allow it to access such a fund. -By Michelle Wallin and Erik Burns; 351-931-265-020; mawallin@ap.org

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