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

To: wl9839 who wrote (15332)	5/17/1999 1:34:00 PM
From: wl9839	Read Replies (1) \| Respond to of 22640

DJ Brazil Amply Meets IMF Goals For Foreign Debt: Ctrl Bk Dow Jones Newswires BRASILIA -- Brazil met all of the foreign-debt targets for March specified in an agreement with the International Monetary Fund for $41.5 billion in aid, a top central bank official said Monday. Altamir Lopes, head of the central bank's economic department, said Brazil had short-term foreign debt of $3.562 billion at the end of March, which compares with the $5.304 ceiling agreed upon with the IMF. Public-sector foreign debt was $83.289 billion at the end of March, below the ceiling of $87.966 billion. Private foreign debt with a government guarantee stood at $408 million, versus the $1.580 billion target established with the IMF. Lopes said the totality of the end-of-March figure corresponds to debt contracted in 1997. Brazil and the IMF came to terms on the aid accord last November. The macroeconomic framework of the agreement was revised in early March, following the devaluation of the local currency, the real, in January. Last Friday, the government announced a first-quarter primary budget surplus of 9.235 billion reals ($1=BRR1.662), which was well above the IMF target of BRR6.006 billion. Brazil also met the monetary goal set by the IMF, managing to keep its net domestic assets - monetary base less adjusted international reserves - BRR1.322 billion below the negative BRR7.152 billion target at end of April. A team of IMF economists will arrive in Brazil later this month to review the country's economic and fiscal performance. -By Adriana Arai; (5561) 321-1224; aarai@ap.org --