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To: Alex who wrote (22928)	11/13/1998 11:09:00 AM
From: Giraffe	Respond to of 116759

IMF Announces $41 Billion-Plus Package For Brazil WASHINGTON (Reuters) - The International Monetary Fund and rich industrial nations announced Friday a package of more than $41 billion for Brazil, hoping to avert an Asia-style financial meltdown in Latin America's biggest economy. An IMF statement said $37 billion of the total would be available to Brazil over the next 12 months if needed and it would contribute $18 billion to the package, with the World Bank and Inter-American Development Bank chipping in $4.5 billion each. The IMF said leading industrial nations would back up the loan agreement with credits worth $14.5 billion. The United States was expected to be the largest single bilateral contributor with a $5 billion loan. IMF Managing Director Michel Camdessus said the program's main aim was to deal with Brazil's "chronic" public sector deficit and spur private creditors to "act to help ensure its success". Camdessus said the Brazilian government had committed to maintaining the country's current exchange rate regime, firm monetary discipline, economic stability and to opening up the economy. "The way is now open for the international community to provide financial support to Brazil that will enhance market confidence in the government's economic policies and help ensure the success of the country's program," Camdessus said. "And in turn, the success of Brazil's efforts will greatly brighten the economic prospects of the region as a whole."