Statement by IMF Managing Director Rodrigo de Rato on the Resignation of Antonio Palocci as Finance Minister of Brazil

Press Release No. 06/62
March 27, 2006

Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), issued the following statement today on the resignation of Brazilian Finance Minister Antonio Palocci:

"I have just learned of Minister Palocci's resignation. I would like to take this opportunity to emphasize Brazil's achievements under Minister Palocci's stewardship. Sound macroeconomic policies, supported by steps to strengthen the underlying policy framework and institutions and important fiscal structural reforms, have been critical in attaining a welcome degree of macroeconomic stability. This stability has been key to Brazil's encouraging recent growth performance, which in turn is reflected in indications of progress in reducing poverty. On these foundations, further progress can be made in the period ahead toward securing a higher living standard for all Brazilians.

"I look forward to working closely with Minister Mantega, who has a distinguished record as Minister of Planning and president of the National Development Bank (BNDES)."



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