FROM THE OFFICE OF PUBLIC AFFAIRS

President Cardoso's speech on Wednesday, which highlighted fiscal adjustment and reform as Brazil's national economic priority, is very encouraging. It is also encouraging that his Administration is accelerating work on a strong fiscal plan, and that Brazil's congressional leadership has indicated its willingness to consider key elements of this plan on an expedited basis.

We are in close touch with President Cardoso, his economic team and other international partners about how the international financial community can be helpful. Brazil's prosperity and financial stability is critically important to the United States and to the Americas more generally.