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

_IMF News, January 28, 2003_

## Source details

**Canonical URL:** [Press Release: IMF Managing Director Meets Brazilian President Lula da Silva](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0311)

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## Bibliographic details
- Published: January 28, 2003

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### Meeting overview
- 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."

### Assessment of Brazil's economic situation
- 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's reform agenda and macroeconomic priorities
- 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."

### IMF support and follow-up
- 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."

### Key direct quotations from Horst Köhler
- "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.*

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## References

- [Brazil and the IMF](http://www.imf.org/external/country/BRA/index.htm)
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- [PRESS CENTER](http://presscenter.imf.org/)
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_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0311_