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

To: Steve Fancy who wrote (8909)	10/8/1998 3:11:00 PM
From: djane	Respond to of 22640

Brazil, IMF near international support plan Thursday October 8, 1:13 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) WASHINGTON, Oct 8 (Reuters) - The International Monetary Fund and Brazil said on Thursday they hoped to reach a deal soon on a plan of fiscal, macroeconomic and structural reform which could get financial support from the IMF and others. They said in a joint statement they were committed to the current exchange rate system, a flexible interest rate policy, avoiding imposition of any controls on capital outflows from Brazil and full service of the country's external and domestic public debt. ''Discussions will continue in the days ahead, with the aim of reaching an agreement soon on a detailed program of fiscal and other macroeconomic and structural policies, that could be supported financially by the IMF and other members of the international community,'' said the statement, released at the end of the World Bank and IMF annual meetings in Washington. ''The authorities have emphasized their determination to put rapidly in place a strong, front-loaded and sustained fiscal adjustment program, designed to stabilize the ratio of public debt to GDP (gross domestic product) by the year 2000,'' it said. It added that the Brazilian government was preparing the necessary policy initiatives and intended to announce them as soon as feasible later this month. The announcement follows the reelection of Brazilian President Fernando Henrique Cardoso this week with a pledge to restore stability to an economy rattled by a financial crisis that has spread from Asia in the past year to Russia and Latin America. (Note: this article is ''in progress''; there will likely be an update soon.) Related News Categories: currency, international, options, US Market News Help Copyright © 1998 Reuters Limited. All rights reserved.