Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.404

-14.1%

3:59 PM EST

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To: Steve Fancy who wrote (9142)	10/23/1998 6:12:00 PM
From: Steve Fancy	Read Replies (1) of 22640

IMF's Fischer, Brazil's Malan Mtg -2: No Numbers Discussed Dow Jones Newswires RIO DE JANEIRO -- Eight hours of meetings between International Monetary Fund Deputy Managing Director Stanley Fischer and Brazilian Finance Minister Pedro Malan ended late Friday with no new details on a possible financial package to bolster the fragile South American giant. "Discussions centered on reaching an accord between Brazil and the IMF," said Finance Ministry chief of cabinet Joao Batista Magalhaes after the meeting. "The Brazilian government presented the IMF details of an economic plan," he added, noting that the much-awaited fiscal measures should be unveiled in the "next few days." IMF spokesman Francisco Baker said "no numbers were discussed during the meeting." "These talks are a continuation of the discussions that began earlier this month with the IMF and World Bank," Baker said. Aside from Malan, Central Bank president Gustavo Franco, monetary policy director Francisco Lopes and Finance Ministry economic policy secretary Amaury Bier also participated in Friday's meeting. Tuesday, the IMF and the Finance Ministry released a joint communique saying that an international aid package would be released promptly and that the two sides had reached an agreement on the budgetary goals set forth in the government's multiyear austerity plan. Thursday in Buenos Aires, Fischer said that the IMF is willing to put up $15 billion of the estimated $30 billion international aid package being sought by Brazil. Fischer is scheduled to return to Washington later Friday. -By Jamie McGeever; (5521) 580-4442; jmcgeever@ap.org

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