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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.507+0.4%Jan 6 3:59 PM EST
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To: Steve Fancy who wrote (9649)11/12/1998 6:55:00 PM
From: Steve Fancy   of 22640
 
Brazil Fin Min: IMF Aid "Probably" Unveiled Friday

Dow Jones Newswires

BRASILIA -- The eagerly expected announcement of a multilateral aid
package for Brazil led by the International Monetary Fund "will probably
be announced Friday," a spokeswoman at the Finance Ministry said
Thursday.

She said the announcement will be made by both the Brazilian government
in Brasilia and by the IMF in Washington but couldn't confirm whether the
statements will be simultaneous.

The spokeswoman also couldn't give an estimated time for the likely
announcement nor say by whom the package and its details will be
announced first.

Earlier Thursday, local media reports had already hinted that the package -
estimated at $42 billion - was wrapped up and ready to be unveiled Friday
or Tuesday.

Estado agency quoted an unnamed member of the Brazilian team of
negotiators on the deal as saying that the delay in the announcement is the
result of careful reviews of the text of the agreement.

The package has been widely expected since the beginning of the week
and prompted positive sentiment on local stock markets.

However, when official news came mid-afternoon that it wouldn't be
unveiled Thursday, shares on the Sao Paulo stock exchange, known as
Bovespa, took a hammering and fell 2.8% within minutes to close at down
3.7% in preliminary figures.

President Fernando Henrique Cardoso won't be in the capital Friday and is
scheduled to address a ceremony at the Navy Training College in Rio de
Janeiro.

-By William Vanvolsem; 5561-244 3095; wvanvolsem@ap.org
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