Brasília, 21/08/2003 (Agência Brasil - ABr) - The vice president of Citigroup and former director general of the International Monetary Fund (FMI), Stanley Fischer, says his firm will expand its presence in Brazil. Fischer said Citigroup has confidence in Brazil's fiscal and monetary policies. "I was here in March when there was a great deal of uncertainty even though it was clear that things could improve. And now they have improved. It is very encouraging," said Fischer.

He also added that the fact that inflation and interest rates were falling in Brazil was a good sign. "This is the result of firm policy by the government, especially fiscal policy. This changes the Brazilian scenario where the interest rate is now lower. The continuation of such firm policies will permit renewed economic growth and attract investments," declared Fischer. (AB)