News Brief: IMF Management Recommends Approval of Brazil's Next Review

July 2, 1999

IMF Management Recommends Approval of Brazil's Next Review

The Management of the International Monetary Fund (IMF) has announced today that it will submit to the Executive Board of the IMF, with its endorsement, the Letter of Intent and the Memorandum of Understanding received from the Brazilian authorities in conjunction with their request for completion of the third review under the Stand-By Credit approved by the Board on December 2, 1998.

These documents reaffirm the commitment of the Brazilian government to the thrust of the economic policy framework outlined in the Memorandum of Economic Policies which was considered by the IMF Executive Board on March 30, 1999, and update the quantitative targets of the program in light of the more favorable than initially projected macroeconomic developments in Brazil since then.


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