Press Release: IMF Managing Director Meets Brazilian President Lula da Silva

IMF News, January 28, 2003

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Canonical URL: Press Release: IMF Managing Director Meets Brazilian President Lula da Silva

Press Release No. 03/11
Date: January 28, 2003
Participants: Horst Köhler (Managing Director, International Monetary Fund), President Luís Inácio Lula da Silva of Brazil, accompanied by Finance Minister Antonio Palocci.
Context: Second meeting since the President's election and continuation of dialogue initiated during Köhler's visit to Brazil "last month."

General improvements in market confidence toward Brazil "over recent months," attributed to "a wider appreciation that sound economic policies will be maintained in Brazil."
The IMF-supported program is described as "on track."
Outlook: "There is every reason for optimism that a basis for sustained economic growth and social progress is being established in Brazil."

President Lula's vision highlighted: "to speed up growth with improving social equity, while maintaining strong macroeconomic fundamentals."
The President indicated that "important elements of his reform program will be carried forward in the coming weeks and months, and should underpin Brazil's continuing recovery."
Fiscal policy emphasis: "Maintaining fiscal sustainability by progressive structural reforms will lie at the heart of macroeconomic policy."

Recognition that "the global environment remains challenging" and agreement "to keep in close touch" between the IMF and Brazil.
IMF stance: continue to support Brazil's efforts "to emerge from its temporary difficulties."

"While in Paris, I met with President Luís Inácio Lula da Silva of Brazil, who was accompanied by Finance Minister Antonio Palocci."
"It was our second meeting since his election, and a continuation of the excellent dialogue we initiated during my visit to Brazil last month."
"We were encouraged by the general improvements in market confidence toward Brazil over recent months, driven by a wider appreciation that sound economic policies will be maintained in Brazil—a point that the President again reiterated to me."
"In today's discussion with the President, I was particularly impressed by his vision for Brazil—to speed up growth with improving social equity, while maintaining strong macroeconomic fundamentals."
"The present IMF-supported program is on track, and there is every reason for optimism that a basis for sustained economic growth and social progress is being established in Brazil."

International Monetary Fund press release, January 28, 2003.