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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.472

+2.6%

Jan 16 9:30 AM EST

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To: Steve Fancy who wrote (8426)	9/23/1998 12:17:00 AM
From: Steve Fancy	Read Replies (3) of 22640

Brazil's Fiscal Commission Rejects Budget Cut Complaints Dow Jones Newswires BRASILIA -- The newly created Fiscal Control Commission, known as CCF, has rejected all requests by ministries to review budget cuts that affect them directly, the commission's chairman said Tuesday. The finance ministry's executive secretary, Pedro Parente, told reporters after the second weekly meeting of the CCF, that "several ministries" had asked the commission to reconsider cuts ordered in an emergency measure announced Sept. 8. In the measure, the government decided to cut back the 1998 federal budget by 4 billion real (BRL) ($1=BRL1.18) in order to achieve a primary surplus of BRL5 billion for this year, in response to the financial turmoil that hit Brazil beginning in September. Simultaneously, the government created the CCF to oversee the cuts and create mechanisms to implement them. Parente didn't reveal figures mentioned in the requests by the individual ministries, which he also didn't identify. "There's just no maneuvering space for any exceptions in the cuts," he said. -By William Vanvolsem; (5561) 2443095; wvanvolsem@ap.org

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