You will hear the speech of the Managing Director of the International Monetary

You will hear the speech of the Managing Director of the International Monetary Fund at the press conference.
    As you listen, for questions 1—12, complete the notes, using up to three words or a number.
    You will hear the recording twice.
(10 seconds pause)
MR. ANJARIA: Good morning, ladies and gentlemen. I’d like to welcome you to the press conference of the Managing Director of the International Monetary Fund, Mr. Michel Camdessus; the First Deputy Managing Director. Mr. Stanley Fischer; and to his right. Mrs. Teresa Ter-Minassian, Deputy Director of the Western Hemisphere Department, who has negotiated the program with Brazil.
I would like to thank you for coming on such short notice. We are in the middle of a very hectic work program, and the Managing Director will have to leave shortly to carry on an important meeting of the Executive Board. Then, we will continue the press conference with Mr. Fischer and Mrs. Ter-Minassian.
Managing Director: would you like to make some introductory remarks?
MR. CAMDESSUS, Yes, thank you. Before I talk about this agreement with Brazil, I would like to tell you about another sad Brazilian event, namely, that Mr. Alex Kafka, who has been the Executive Director for Brazil for 32 years in this institution and who was the highly-respected dean of our Executive Board, has just this week decided to retire.
I wanted to tell you that, of course, this leaves us all saddened and admiring of what he has done. The Executive Board has taken the very exceptional step of adopting a Resolution of Appreciation for his service here, and you will find this Resolution and the few words I pronounced in his honor on several occasions in the back of this room.
And now, let me tell you my pleasure in announcing that today, the Brazilian authorities and an IMF team have successfully concluded negotiations on a strong three-year program of economic and financial reform. I have said today, but perhaps it was yesterday, because conversations were concluded sometime last night on technical aspects. But what matters is that this program first and foremost addresses the chief sources of Brazil’s external vulnerability, namely, its chronic public sector deficit, which the country is now tackling in a serious and sustainable manner.
Within the framework of structural reforms, Brazil’s three-year fiscal program targets primary surpluses of 2.6 percent of GDP in 1999, 2.8 percent in 2000, and 3 percent in 2001. The Brazilian authorities are also committed to further opening up the economy, ensuring firm monetary discipline and macroeconomic stability, and maintaining the current exchange rate regime, while reinforcing the exchange reserves and improving the competitiveness of the economy. The way is now open for the international community to provide financial support to Brazil that will enhance market confidence in the government’s economic policies and help ensure the success of the country’s program.
(10 seconds pause)