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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.952

-7.6%

Nov 10 3:59 PM EST

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To: Steve Fancy who wrote (7362)	9/2/1998 2:24:00 PM
From: Steve Fancy	Read Replies (2) of 22640

Budget proposal ignores crisis effects - rpt Sao Paulo, 2 - The Union's General Budget proposal for 1999 the government submitted on Monday to Congress estimates GDP growth of 4% for next year. The projection, which ignores the financial crisis possible effects on Brazil's economy, represents double that for this year: 2%. The budget project also estimates interest rates will remain at the current level (20.8% a year) and that inflation will stand at 3.85%. The proposal also estimates a federal primary surplus (revenues minus non-financial expenses) of R$8.7bn for 1999, or 0.87% of GDP. According to the Planalto Palace spokesman, Ambassador S‚rgio Amaral, President Fernando Henrique Cardoso was "satisfied" with the proposal. "The budget improves the government's accounts under the primary concept and preserves at the same time social projects, which will have resources guaranteed", Cardoso evaluated. (O Estado de S. Paulo/ Jornal da Tarde/ Folha de S.Paulo/ Gazeta Mercantil. Edited by Sergio Caldas)

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