Brasília, 12/19/2003 (Agência Brasil - ABr) - President Luiz Inácio Lula da Silva says that the foundations for a new national project were put in place in 2003 and that "now it is up to us to take advantage of this historical opportunity and move ahead with a combined agenda of stable, sustainable growth and social justice."

As part of a speech that lasted an hour and a half, Lula set out a balance sheet of his first year in office, calling it "a period of sacrifice and reconstruction that we have come out of with renewed confidence in a better future for all Brazilians." He said that the sacrifices had not been in vain because they had brought results. "It is with a sense of humility before the challenges that remain before us, but with pride in what we have accomplished, that I can tell you that the uncertainties of the past are in the past. We have overcome pessimism and regained confidence in our economic strength and our capacity to grow."

The president said that economic stability had been recovered, a parliamentary base established to approve reforms and a dialogue opened with society. He also pointed out that Brazil has become a respected player that is listened to on the international scene.

Lula added that Brazilian debt bonds were being negotiated at almost face value and the country risk premium, which reached 2,400, had now dropped to less than 500. Credit on international money markets was once again available and inflation was under control.

Finally, Lula said the trade surplus this year should reach US$24 billion.

"What all of this adds up to is a victory in the first of our battles. Now Brazil can grow safely, he concluded." (AB)