News Brief: IMF Managing Director Köhler Issues Statement on Brazil

August 2, 2000

International Monetary Fund (IMF) Managing Director Horst Köhler issued the following statement on Brazil:

"The Brazilian authorities have announced today the targets for the primary surplus of the consolidated public sector for 2001 and 2002, equivalent to 3.0 percent and 2.7 percent of GDP, respectively. The current projections of the authorities and the Fund staff suggest that these surpluses are consistent with a further decline of net public debt in relation to GDP.

"I welcome the announcement of these targets, which indicate the continuing commitment of the Brazilian government to fiscal discipline and macroeconomic stability, while providing room for some additional spending on efficient social programs.

"I intend to recommend to the Executive Board of the Fund approval of the revised target for 2001 under the Stand-by Arrangement," Mr. Köhler stated.


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