Full Text Of Brazil-IMF Joint Communique
Dow Jones Newswires
SAO PAULO -- The following is the full text of the "Joint Communique of
the Brazilian Authorities and IMF Management" released Tuesday.
"Following the discussions held during the Annual Meetings, a Brazilian
delegation arrived in Washington on Saturday, October 17, to assess with
International Monetary Fund (IMF) staff and management the Brazilian
fiscal situation, based on current policy assumptions.
The discussions were aimed at preparing the ground for prompt support
by the international community, including the IMF, for the multi-year fiscal
program soon to be announced by the Brazilian authorities, which will
include new policy initiatives. Representatives from the World Bank and
Inter-American Development Bank also attended these meetings.
Discussions were held on the medium-term path for the primary surpluses
of the public sector, within a range of 2.5-3% of GDP as agreed between
the Brazilian authorities and IMF management during the Annual Meetings.
IMF management agreed with the position of the Brazilian delegation that,
within a framework of structural reforms, a 3-year fiscal program
generating primary surpluses of 2.6% of GDP in 1999, 2.8% in 2000, and
3.0% in 2001, would fulfill the government target of stabilizing the ratio of
net consolidated public sector debt to GDP by the year 2000.
Discussions are continuing with the objective of reaching early agreement
on the detailed program mentioned in the Joint Statement of Understanding
issued on October 8, 1998." |
