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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 (9024)10/16/1998 12:05:00 AM
From: Steve Fancy   of 22640
 
Brazil's Franco Sees Letter Of Intent With IMF -Estado

Dow Jones Newswires

NEW YORK -- The agreement being worked on between the
International Monetary Fund and Brazil will include the signature of a letter
of intent, Central Bank President Gustavo Franco told the Estado news
agency Thursday.

In an interview, Franco told Estado that the structure of the agreement
hasn't been defined yet, and that neither has the amount of funds that the
IMF will make available to Brazil.

Officials working on the bailout package need to establish the amount that
will be required to restore confidence in the country, Franco said. "That's
not easy."

He added that sizing up that figure is more complex than just provisioning
for the amount of debt to be amortized if no obligations were rolled over in
a year.

The central bank president disputed versions about the amount of money
that multilateral institutions would offer Brazil in the much talked about
bailout package. He said he hasn't seen "any authority make a statement,"
indicating the country will receive between $25 billion and $30 billion. "I
haven't heard anyone say that," Franco said in the Estado interview.

He also contended versions that Brazil won't use funds of the bailout
package unless necessary. "There's no reason for not using those funds.
They are usable."

Franco added that the government hasn't yet decided if the money will go
directly into the international reserves account, or if it will remain available
to be used when needed.
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