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Brazil - Country assistance strategy progress report (English)

This Country Assistance Strategy (CAS) progress report extends the current CAS to the upcoming political transition period, to take place in January 2003, thus limited to a brief update of recent events, and implementation of the CAS to date. Brazil continues steady progress in social policies, and outcomes, areas where the Bank is significantly involved, and, additional reforms to social policies have consolidated, and expanded the major improvement achieved during the preceding years. Moreover, income poverty indicators significantly improved with economic stabilization in the mid-1990s, and remained relatively stable. However, the positive economic outlook for the country in early 2001, suffered a setback from the international slowdown, recent events in Argentina, and a domestic energy crisis. But the Government reacted to the shocks with an appropriate mix of monetary, and fiscal tightening, which provided the markets with essential reassurance of sound macroeconomic management. In addition, Brazil continued to advance its structural reform program; institutional reforms in fiscal management are proceeding well; and, reforms in the public banking system are underway. But further progress in fiscal adjustment is needed on an ongoing basis. Risks however are related to the volatile international environment, though currently ameliorated by the Government's credibility, and moderated by the increasing consensus across the political spectrum on the need for macroeconomic stability, fiscal prudence, and poverty-focused social programs.




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Brazil - Country assistance strategy progress report (English). Washington, D.C. : World Bank Group.