[Weekly Compilation of Presidential Documents Volume 34, Number 46 (Monday, November 16, 1998)]
[Page 2310]
[Online from the Government Publishing Office, www.gpo.gov]

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Statement on International Economic Support for Brazil

November 13, 1998

    Today's agreement between the International Monetary Fund and Brazil 
is an important step in our effort to deal effectively with the global 
financial crisis and protect American prosperity and jobs.
    The United States has been working with our partners in the G-7 and 
the emerging markets on a set of specific actions to spur global growth. 
Last month, the world's leading economies agreed to support new IMF 
tools to help countries with sound economic policies ward off global 
financial crisis. Today, we are taking the first step to implement those 
ideas by putting Brazil in a position to confront the financial turmoil 
that threatens growth, not only in emerging markets but in economies 
around the world.
    A strong Brazil is in America's interests, and President Cardoso has 
launched a solid program to tackle its fiscal problems that he has 
committed to implement swiftly. Under President Cardoso, Brazil has 
already embraced economic reform with the Real Plan and the support of 
the Brazilian people and the Brazilian Congress. Brazil has cut 
inflation from more than 2000 percent to single digits in less than 4 
years, helped lift 13 million Brazilians above the poverty line, and 
achieved economic growth of 4 percent a year.
    Brazil's prosperity is important for Americans. The United States is 
Brazil's largest single trading partner, and our exports to Brazil have 
more than doubled since 1992. A strong Brazil makes for a stronger 
United States, and today's announcement will help give both countries an 
opportunity to secure a brighter future.