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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (8499)	9/24/1998 11:48:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Latam contingency fund not central to IMF thinking Reuters, Thursday, September 24, 1998 at 11:19 WASHINGTON, Sept 24 (Reuters) - The idea of a "contingency fund" for Latin America, suggested by Brazilian President Fernando Henrique Cardoso, is not the International Monetary Fund's central focus, a senior official said on Thursday. The official, who spoke on condition he was not identified, said the IMF would be ready to assist Brazil if Brazil needed the money and if its policies were strong and credible. But Brazil had not asked for financial help, he added. "We will be ready to contribute if requested and needed," he said. But he added, "We are not yet there for the central reason ... that they have not yet asked for it." The official praised policies announced on Wednesday by Cardoso, who promised to set a timetable to balance the budget and seek congressional approval for tax reforms. He said cash shortages at the IMF would not prevent a rescue package if one was needed, noting that money was available in the General Arrangements to Borrow, an emergency fund to be used if problems threaten world economic stability. "There would be no "rationing" of an IMF contribution to a Brazilian rescue deal, he added. The official also said that no formal decision had been taken on whether to create a contingency fund for Latin America. He said money from such a fund would only be activated "in the context of agreements with us." "It's an interesting idea, but at this stage no formal decisions whatever have been taken," he said. "It is an idea which is not the central idea nor the central focus of the decisions we had here two weeks ago. It is not central to our discussions with individual countries." 898-8383, washington.economic.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8499)	9/24/1998 11:50:00 AM
From: Steve Fancy	Read Replies (11) \| Respond to of 22640

Sao Paulo jobless rate at 18.9 pct in Aug --Dieese Reuters, Thursday, September 24, 1998 at 11:19 SAO PAULO, Sept 24 (Reuters) - The unemployment rate in Sao Paulo city stood at 18.9 percent in August, unchanged from July, the Labor Union Statistics Institute (Dieese) said in a statement on Thursday. The number of unemployed in Sao Paulo however rose to 1.657 million people from 1.650 million in July, it said. The jobless research is carried out every month by Dieese, which is linked to Brazilian unions and the government's State Data Analysis Foundation (Seade). In August 1997, the number of unemployed stood at 1.371 million. Copyright 1998, Reuters News Service