[CTRL] Fwd: [cia-drugs] Brazil pledges central bank reform

Fri, 16 Jul 2004 08:27:28 -0700

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Mr Palocci argued the bank's de facto autonomy needed to be "institutionalised". The proposal would grant directors a fixed term and autonomy to pursue inflation targets set by the government. "Of course there will be some controversy but I am determined to present this bill," he said.
 
 
Brazil pledges central bank reform
By Raymond Colitt in Bras�lia
Published: July 16 2004 5:00 | Last Updated: July 16 2004 5:00

Brazil's government will present a controversial proposal by 2005 to grant the central bank autonomy.

The move is part of a wave of reforms the left-leaning administration of Luiz In�cio Lula da Silva, president, will launch after October's municipal elections. Other measures include deregulation of the costly labour market and an overhaul of a corrupt union system, Antonio Palocci, the finance minister, told the Financial Times. "I am focusing on the measures that will prepare Brazil institutionally to grow for a decade or more without interruptions," Mr Palocci said. Last week, Congress approved a judicial reform and a new bankruptcy law.

The central bank autonomy proposal was shelved last year amid criticism from hardliners in the governing Workers' party.

Mr Palocci argued the bank's de facto autonomy needed to be "institutionalised". The proposal would grant directors a fixed term and autonomy to pursue inflation targets set by the government. "Of course there will be some controversy but I am determined to present this bill," he said.

The government's new-found confidence follows strong economic growth indicators in recent weeks. Mr Palocci projects the economy to grow by 4 per cent this year, exceeding initial expectations of 3.5 per cent.

"To the extent that economic policy is showing results as it is now, obviously criticism will diminish," he said in reference to attacks from government allies this year.

On top of strong export and agriculture growth figures, industrial production in May grew 7.8 per cent over the previous year. That rate could rise to 13 per cent in June, according to CSFB, the investment bank. "We are seeing much stronger growth than expected in the second quarter," said Nilson Teixeira, a CSFB economist.

Financial bodies this week began revising year-end growth forecasts. "Four per cent should become the new consensus," said Tendencias, a consultancy.

In response to concerns over longer-term investment, Mr Palocci insisted there "would be important investment announcements in coming months" and cited expansion plans in the steel, paper, mining and agriculture sectors.

The government was negotiating with multinational semiconductor manufacturers to install a plant in Brazil, he said. "Investments pledged so far are sufficient to increase our growth capacity to 5 per cent."

Mr Palocci cautioned that there were obstacles ahead. The Supreme Court could annul pension payment tax, approved last year to reduce the social security deficit. The levy is worth R$36bn ($12bn) over 20 years.



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