New York, September 24, 2003 (Agência Brasil - ABr) - President Luiz Inácio Lula da Silva said today that Brazil does not need to reach an agreement with the International Monetary Fund (IMF). "It is a political decision that we shall make at the proper moment," Lula underscored.

The President explained that it was not the IMF that set the primary surplus. "This surplus, which we put into last year's budgetary guidelines law (of 4.25% of the GDP), is a governmental decision, not the IMF's." According to President Lula, Brazil is completely free to tell the Fund on what bases an agreement can be reached. (DAS)