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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: md1derful who wrote (9084)	10/21/1998 2:58:00 PM
From: Steve Fancy	of 22640

Brazil, IMF Agree On Macroeconomic Goals - Newspapers Dow Jones Newswires SAO PAULO -- The Brazilian government and the International Monetary Fund have reached agreement on most macroeconomic goals to be included in a financing program under negotiation, newspapers quoted a top Finance Ministry official as saying Wednesday. "We overcame an important step," Estado de Sao Paulo newspaper quoted Finance Ministry Executive Secretary Pedro Parente as saying. Parente returned to Brazil Tuesday after four days of talks in Washington with the IMF. He characterized the talks as "imminently technical" and said the sides had reached complete agreement on "all the details and projections" for a funding package. However, daily Gazeta Mercantil reported that the sides are still calculating an official growth forecast for 1999. "We all agreed that economic growth will not be the 4% included in the draft budget for 1999," Parente was quoted as saying, but "the final position still hasn't been decided." The IMF and Brazil Tuesday released a joint communique giving primary budget surplus projections for the next three years and saying they expected a prompt agreement. Parente declined to comment on either the amount or structure of the program. "(Finance) Minister (Pedro) Malan is dealing with that part through contacts with other multilateral agencies and with the governments of the Group of Seven," Parente said. He also declined to discuss the contents of a government fiscal package, expected to be announced in coming days. "I can't talk about specific measures because they are still under discussion within the Brazilian government," Estado quoted Parente as saying. President Fernando Henrique Cardoso said several weeks ago that he would announce the fiscal package by Oct. 20. But while Malan gave the proposal to Cardoso Tuesday, several Brazilian newspapers reported that it wouldn't be announced until next week.

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