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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.570

-4.5%

Dec 26 9:30 AM EST

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To: md1derful who wrote (9084)	10/21/1998 3:00:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil's Cardoso Has Week To Refine Fiscal Package By MICHELLE WALLIN Dow Jones Newswires SAO PAULO -- With a much-awaited austerity program now in his hands, Brazilian President Fernando Henrique Cardoso has about a week to refine its contents and secure its political backing. Cardoso had said just after being re-elected that a sweeping fiscal package would be ready by Oct. 20. The president received a proposal from the Finance Ministry on Tuesday, but the government hasn't yet made the measures public. The government is now saying that Finance Minister Pedro Malan will release the package in the middle of next week. Cardoso appears to be making sure he's got support from key congressional players in his pocket before he makes any sort of announcement - thus preventing political infighting from reducing his package to rubble. The presidential spokesman said Cardoso will evaluate the proposals during the next few days and "beginning next week" will talk them over with congressional leaders. The government also wants to get Sunday's second round of gubernatorial elections in key states out of the way before imposing austerity on the nation. Already, there have been contacts with governors who were elected in the first round. Feeding the need for news Tuesday, Brazil and the International Monetary Fund released a joint communique saying talks on an aid package continue apace and that they have reached agreement on key macroeconomic forecasts. According to those goals, Brazil will produce a primary budget surplus of 2.6% of gross domestic product in 1999, of 2.8% in 2000 and of 3.0% in 2001. "Every day we are having some news, some leaks, that are adding to the full picture," said economist Carlos Kawall at Citibank in Sao Paulo. "Even though they have delayed, they are administering the delay well." Still, Kawall said that the government must stick to its deadline of next week. Additional delays "would be a sign of political weakness".

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