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Last updated at: (Beijing Time) Tuesday, January 14, 2003

Brazil Vows to Comply with IMF Aid Agreements

Brazilian Finance Minister Antonio Palocci said on Monday that his country will comply with every agreement reached with the International Monetary Fund (IMF).


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Brazilian Finance Minister Antonio Palocci said on Monday that his country will comply with every agreement reached with the International Monetary Fund (IMF).

The country will continue to push forward the privatization of public banks, and fulfill the set inflation target, the minister said in a statement released by the Finance Ministry.

Under one agreement signed by IMF and the Brazilian government in December 2002, Brazil should accelerate privatization and keep its inflation rate under 11 percent.

Palocci predicted that Brazil had the possibility of revising upward its primary surplus target which, he said, would officially

stand at 3.75 percent of the gross domestic product (GDP).

He added that if the primary surplus target was achieved, Brazil's public debt would be kept manageable.

Brazil faces an internal public debt of 262.4 billion US dollars, accounting for 60 percent of its GDP.

Palocci also said the government was considering developing a mechanism to keep the inflation rate at six percent by March, 5.5 percent by June and 5.0 percent by September this year.

Last August the IMF granted Brazil an open credit of 30 billion

dollars to cope with its financial crisis.


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