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G8 Finance Ministers' Meetings

Statement by G-7 Finance Ministers
on Framework for International Monetary Fund Program for Brazil
August 8, 2002

John Manley, Deputy Prime Minister of Canada and Minister of Finance, and Chair of the G-7 Finance Ministers, released today the following statement on behalf of his G-7 colleagues:

"We welcome the agreement on a framework reached yesterday by the Government of Brazil and the IMF for a new Fund program, supported by sound macroeconomic policies and institutional arrangements in Brazil, which should help restore market confidence. We look forward to the presentation to the IMF Board of the final agreement based on prudent fiscal and monetary policies and an overall economic program that lays the basis for strong economic growth."

Source: Department of Finance Canada

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