IMF pledges rescue deal for Brazil
Friday 09 October 1998
Michel Camdessus, the IMF managing director, said Brazil's President, Fernando Cardoso, had outlined economic programmes in meetings with the fund . "The IMF management fully supports these policies," Mr Camdessus said.
He spoke in Washington as the IMF and World Bank ended its annual meetings, which have been characterised by growing fears that financial collapse will spread from Asia and Russia to Latin America and the developed world.
Brazil has promised "to put rapidly in place a strong, front-loaded and sustained fiscal adjustment programme, designed to stabilise the ratio of public debt to GDP by the year 2000," the IMF said in a joint statement with Brazilian authorities.
"The government is preparing the policy initiatives needed to ensure this outcome, and intends to announce them as soon as feasible during the month of October." Once a detailed programme is set out, there are hopes that it could be "supported financially by the IMF and other members of the international community".
The meetings closed on a self-congratulatory note, but World Bank chairman, James Wolfensohn, said there had been differences between his organisation and the IMF. "We are in full accord on the objectives, it's a question of degree." He felt not enough stress was placed on helping the poor. "I didn't think the balance was right."
Board creates magnetic field to achieve lift
Singer says the track was 'force-fed down people's throats'
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
George Lucas criticises the major Hollywood film studios
Film follows park rangers in the Congo
Does Chris Grayling realise what a vague concept he is dealing with?
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake report claiming street artist's identity has been revealed
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 5 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Banksy arrest hoax: Internet duped by fake report claiming street artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
iJobs Money & Business
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...