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

To: Steve Fancy who wrote (8872)	10/6/1998 5:47:00 PM
From: Steve Fancy	Read Replies (11) \| Respond to of 22640

Brazil to announce 1999-2001 fiscal program soon Reuters, Tuesday, October 06, 1998 at 17:37 BRASILIA, Oct 6 (Reuters) - Brazil will announce within a few days a fiscal program for 1999 through 2001, aimed at stemming a financial crisis which is threatening the local currency, a senior Planning Ministry official said Tuesday. "The fiscal program will be announced in a few days," Planning Ministry Executive Secretary Martus Tavares told reporters. President Fernando Henrique Cardoso, who appeared on course to win presidential elections without the need for a second-round vote, is under pressure to announce harsh measures to tackle a fiscal deficit of around 8 percent of gross domestic product. Economists said new fiscal steps would help stem a massive outflow of dollars -- roughly $29 billion since early August -- which has drained foreign currency reserves, considered Brazil's best weapon against a speculative attack on the local currency, the real. The three-year fiscal program will include structural adjustments and targets, Tavares said after a meeting of a commission recently created to oversee Brazil's budget. He did not elaborate. Cardoso's economic team was in Washington this week to hammer out details of a financial help package backed by the International Monetary Fund and other global lenders. Newspapers Tuesday quoted Central Bank President Gustavo Franco and other financial officials in Washington as saying budget cuts would amount to $21 billion next year. "The budget adjustment will be dramatic, definitive and permanent," an aide to Franco said. 5561 223-5918)) Copyright 1998, Reuters News Service