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

To: Steve Fancy who wrote (9005)	10/14/1998 10:22:00 PM
From: Steve Fancy	Respond to of 22640

Brazil delays pension bill votes by a week Reuters, Wednesday, October 14, 1998 at 19:25 BRASILIA, Oct 14 (Reuters) - Brazil's lower house of Congress will resume voting on a key social security reform bill Nov. 4, a week later than previously scheduled, a congressional spokesman said Wednesday. "The voting on the social security reform bill will be resumed Nov. 4," and not on Oct. 27 as previously announced, the spokesman said. He said the voting was delayed because many members of the Chamber of Deputies would be involved in campaigning for the Oct. 25 second round of elections for state governors in 13 of Brazil's 27 states. The social security reform bill has been bogged down in Congress since 1995. But it is considered essential to the government's chances of cutting a budget deficit of more than 7 percent which is the root problem of the country's economic crisis. Brazil is expected to post a combined deficit of $40 billion this year in its separate social security systems for private workers and civil servants in federal, state and municipal governments. The reform bill would introduce minimum retirement ages and tie pensions to contributions. It has been approved in the Senate but three opposition amendments have yet to be voted in the lower house. The government needs three-fifths majorities to defeat each of the amendments. william.schomberg@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9005)	10/14/1998 10:24:00 PM
From: Steve Fancy	Respond to of 22640

Brazil FinMin to explain fiscal plan to Sen. panel Reuters, Wednesday, October 14, 1998 at 20:17 BRASILIA, Oct 14 (Reuters) - Brazilian Finance Minister Pedro Malan was scheduled to explain to a Senate economic panel on Oct. 28 or 29 the government's plans to tighten fiscal controls, a spokesman for the panel said Wednesday. The government's economic team is working on a three-year fiscal adjustment plan aimed at tackling a nominal budget deficit of around 7 percent of gross domestic product (GDP) and protecting the economy from a global crisis in emerging markets. Brazil has pledged to get its finances in order to gain a financial aid package from the International Monetary Fund and other global lenders aimed at preventing a devaluation that would send shockwaves through the Americas. President Fernando Henrique Cardoso has asked to see the plan by Oct. 20 but may only announce the measures after second round voting takes place in state gubernatorial races on Oct. 25. Inocencio Oliveira, leader of the government-allied Liberal Front Party in the Chamber of Deputies, said Wednesday the government would have to negotiate the belt-tightening measures with Congress before they were announced. "It has to be sewn together first. Until now, (parliamentary) leaders have only read about it in the press," he told reporters. "I think it will be hard for (the announcement) to come before second round voting." Oliveira said the fiscal program could be submitted to Congress along with a new, reduced version of the federal budget due to be presented on Oct. 26. giancarlo.summa@reuters.com)) Copyright 1998, Reuters News Service