PROVISIONAL MEASURE # 2.121-40, OF February 23, 2001

Amend devices of Leis No. 9,082, July 25, 1995, 9,293, July 15, 1996, 9,473, July 22, 1997, 9,692, July 27, 1998, July 27, 1998, 9,811, and 9,995, July 25, 2000, and 9,995, of July 25, 2000, which have on the guidelines for the drafting of the budget law for the exercises of 1996, 1997, 1998, 1999, 2000 and 2001, respectively.

THE PRESIDENT OF THE REPUBLIC, in the use of the attribution that confers you the art. 62 of the Constitution, adopts the following Interim Measure, with force of law:

Art. 1º Law No. 9,082 of July 25, 1995, passes vigorously with the following changes:

" Art. 14. .....................................................................

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§ 3º Exceed from the provisions of the chaput of this article the destination, upon opening of additional credit, of counterpart resources for the coverage of expenses with personnel and social charges, whenever it is evidenced to impossibility of its original application. " (NR)

" Art. 18. Transfers of Union resources, as set out in the annual budget law, to States, Federal District or Municipalities, to any title, including financial aid and contributions, shall be carried out exclusively upon convention, agreement, adjustment or other congenial instruments, in the form of the current legislation, resurrected those arising from resources originating from the allocation of revenue provided under specific legislation and the tax revenue repartitions and the intended to meet the state of public calamity legally recognized upon ministerial act, and will depend on the beneficial unit proven, in the act of signature of the original instrument that:

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" Art. 34. .....................................................................

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VIII-the delivery of resources to the Federated Units and their Municipalities, in the form and conditions detailed in the Annex to Supplementary Law No. 87 of September 13, 1996 ;

IX-the Volunteer Disligation Program-PDV of civilian servers of the Executive Power.

.................................................................................... " (NR)

" Art. 44. .....................................................................

Single Paragraph. The deadline set in the caput of this article does not apply for the bill to target the advance bailout, by the Union, of securitized claims resulting from the discharge of debts of the Federal Railway Network S.A. -RFFSA and the extinct Brazilian Legal Foundation of Assistance, sub-rogated and assumed, respectively, together with the National Social Insurance Institute-INSS. " (NR)

" Art. 49. ....................................................................

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§ 4º It is not included in the limit laid down in the caput of this article the appropriations for spending on expenditure with:

I-personal and social charges ;

II-payment of previdential benefits to the National Social Insurance Institute ;

III-payment of the debt service ;

IV-payment of current expenses relating to the operationalization of the Single Health System ;

V-the Official Credit Operations-Resources under Oversight of the Ministry of Finance ;

VI-the National Civil Defense System ;

VII-the Emergency Food Distribution Program-PRODEA ;

VIII-the subprojects and subactivities that were running in 1995, funded with external resources and counterpart ;

IX-the subprojects and subactivities funded with donations ;

X-the activity Credit for Agrarian Reform ;

XI-payment to scholarships ;

XII-payment of continued benefit benefits (Law No. 8,742 of December 7, 1993) and development of anti-poverty alleviation actions ;

XIII-payment of food expenses, within the Ministry of Education and Sport ;

XIV-payment of salary allowance and expenses to the account of resources directly raised, within the framework of the Amparo Fund to Worker-FAT ;

XV-payment of contractual commitments abroad. " (NR)

Art. 2º Law No. 9,293 of July 15, 1996, passes vigorously with the following changes:

" Art. 18 .....................................................................

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§ 8º In exceptional character, for the fulfilment of the requirements set out in the subparagraphs "b" and "c" of the inciso II of this article, the figures in the budget implementation report of which it treats § 3º of the art may be used. 165 of the Constitution, concerning the fourth bimer of the financial year

§ 9º For the fulfilment of the requirements set out in the subparagraphs "b" and "c" of the inciso II of this article, the figures in the budget law for the financial year 1997 and their additional credits, approved, may also be used. by the Municipal Legislative Power until October 31, 1997. " (NR)

" Art. 19. ....................................................................

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§ 3º In addition to the provisions of this article are the operations carried out under the Restructuring Support Programme and the Fiscal Adjustment of States, as well as those relating to the reduction of public sector presence in the banking and financial activities. " (NR)

" Art. 34. ....................................................................

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§ 4º The annual budget law and its additional credits should also contemplate appropriations required for the fulfillment of operations undertaken under the Restructuring Support Program and the Fiscal Adjustment of States, as well as those concerning the reduction of the public sector presence in banking financial activity. " (NR)

" Art. 35. ....................................................................

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V-the equalization of interest rates from financing to exports under the Export-PROEX Financing Program, provided for in art. 2º of Law No. 8,187, 1991, and the securities must contain currency update clauses ;

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IX-the delivery of resources to the Federated Units and its Municipalities, in the form and conditions detailed in the Annex to Supplementary Law No 87 of September 13, 1996 ;

X-the delivery of financial resources to states and their Municipalities and the Federal District, in accordance with the relevant legislation.

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" Art. 53. ....................................................................

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§ 4º ............................................................................

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XV-the National School Food Program-PNAE. " (NR)

Art. 3º Law No. 9,473 of July 22, 1997, passes vigorously with the following changes:

" Art. 26. ....................................................................

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§ 9º In exceptional character, for the fulfilment of the requirements set out in the subparagraphs "b" and "c" of the inciso II of this article, the constant figures of the latest published report of budget implementation may be used. o § 3º of the art. 165 of the Constitution

§ 10. For the fulfilment of the requirements set out in the subparagraphs "b" and "c" of the inciso II of this article, the figures contained in the budget law for the financial year 1998 and their additional credits, approved by the Legislative Power, may also be used.

§ 11. The demands that it treats the inciso I of this article do not apply to Municipalities with up to fifty thousand inhabitants. " (NR)

" Art. 27. ....................................................................

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§ 2º The provisions of this article are the operations carried out under the Export Financing Programme-PROEX, the other financing operations carried out with mini and small rural producers and the operations of credit under the ampairing of the Revitalization Program of Agrolivestock Production Cooperatives-RECOOP, as well as financing for acquisition, by federal public authorities and public companies, of agri-livestock products intended for the implementation of the Policy of Minimum Price Assurance, of which it treats Decree-Law No. 79 of December 19, 1966, and to the formation of stocks, in the terms of art. 31 of Law No. 8,171 of January 17, 1991, which are expected to have their implementation effective through the Integrated Financial Administration System-SIAFI.

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" Art. 31. ....................................................................

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VI-funding to the States and the Federal District intended for actions complementary to the implantation of the devices of Law No. 9,424 of December 24, 1996 ;

VII-credit operations under the RECOOP amparo.

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§ 4º The loans and financing for customer and agri-livestock investments aimed at the mini and small rural producers and their cooperatives and associations, to the formation of regulatory and strategic stocks, obeyed at the limits and conditions set forth in law and by the National Monetary Council, funding to states and the Federal District under Law No. 9,424 of 1996, and credit operations under the RECOOP will be able to be lastrefied also with resources not provided for in § 1º. " (NR)

" Art. 44. ....................................................................

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XI-funding to the States and the Federal District intended for actions complementary to the implantation of the devices of Law No. 9,424, 1996 ;

XII-credit operations under the RECOOP amparo.

....................................................................................... " (NR)

" Art. 59. The additional appropriations bill projects will have as a deadline for forwarding to the National Congress the date of November 10, 1998. " (NR)

Art. 4º Law No. 9,692 of July 27, 1998, passes vigorously with the following changes:

" Art. 28. ....................................................................

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§ 2º The provisions of this article are in accordance with the operations carried out under the Export Financing Programme-PROEX, and the other financing operations carried out with mini and small rural producers and the credit operations under the ampairing of the Revitalization Program of Agrilivestock Production Cooperatives-RECOOP, as well as financing for acquisition, by federal public authorities and public companies, of agrolivestock products intended for execution of the Minimum Price Assurance Policy, of which it treats Decree-Law No. 79 of December 19, 1966, and to the formation of stocks, in the terms of the art. 31 of Law No. 8,171 of January 17, 1991, which are expected to have their implementation effective through the Integrated Financial Administration System-SIAFI.

§ 3º In addition to the provisions of this article are the operations carried out under the Restructuring Support Programme and the Fiscal Adjustment of States, the assumption and refinancing of the Municipalities' debt, as well as those on the reduction of the public sector presence in banking and financial activities. " (NR)

" Art. 33. ....................................................................

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VII-credit operations under the RECOOP amparo.

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§ 3º ............................................................................

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IV-the credit operations under the RECOOP amparo. " (NR)

" Art. 48. ....................................................................

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X-the credit operations under the RECOOP amparo.

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" Art. 60. .....................................................................

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§ 2º Should the proposed changes not be approved, or are partially, up to two hundred and seventh days after the sanction of the annual budget law, so as not to allow the integration of the expected resources, the appropriations to the account of the said resources will be cancelled, upon decree, observed the following criteria, for mandatory sequential application and linear cancellation, until the required value for each source of revenue is completed:

.................................................................................... " (NR)

Art. 5º Law No. 9,811 of July 28, 1999, passes vigorously with the following changes:

" Art. 18. The drafting of the project, the approval and implementation of the 2000 budget law should take into account the achievement of a primary surplus of at least R$ 30,500,000,000.00 (thirty billion and five hundred million reais) in Fiscal Budgets, of the Social follow-on and federal state companies.

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" Art. 25. .....................................................................

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§ 2º ............................................................................

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III-in the incissen VII, the public safety actions of state policemen, in the terms of the art caput. 144 of the Federal Constitution.

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" Art. 61. .....................................................................

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Single Paragraph. The deployment of the personnel cadres and their respective remunerative levels of the Regulatory Agencies is conditional on the existence of financial and budgetary availabilities in each Agency. " (NR)

" Art. 84. .....................................................................

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§ 4º ...........................................................................

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XIX-actions aimed at the commemorations of the V Centenary of the Brazilian Discovery.

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§ 6º It does not apply to the provisions of § 3º of this article to the actions aimed at the commemorations of the V Centenary of the Discovery of Brazil. " (NR)

Art. 6º Law No. 9,995 of July 25, 2000, passes vigorously with the following changes:

" Art. 41. .....................................................................

I-would-pore of the Minister of Planning, Budget and Management, to the sources ;

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" Art. 67. .....................................................................

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§ 2º Should the proposed amendments not be approved, or are partially, until ninety days after the sanction of the annual budget law, so as not to allow the completion of the expected resources, the appropriations to the account of the referenced resources will be cancelled, upon decree, observed the following criteria, for mandatory sequential application and linear cancellation, until the required value for each source of revenue is completed:

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§ 3º The Executive Power shall, upon decree, be published within until ninety days after the sanction of the law referred to in § 2º or the approval of the amendments of which it treats this article, to the exchange of the sources of resources conditioned constant of the sanctioned budget law, by the respective definitive sources.

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Art. 7º Fiscal Goals and Projections and the demonstration of the annual targets of the Fiscal Targets Annex, as well as the objectives of the monetary, creditor and currency policies of the Annex to the Message, of which it treats Law No. 9,995, of 25 percent July 2000, pass on in the form of the Annexes to this Provisional Measure.

Single Paragraph. As a result of the provisions of the caput, the Annexes "Memory and Methodology of Calculation of the Annual Goals" and "Parameters and Projections for the Main Aggregates and Variables of Monetary Policies, Creditician and Cambial" of Law No. 9,995, shall be excluded. 2000.

Art. 8º It shall be the Union authorized to deliver resources to States, its Municipalities, and the Federal District, respected as limits for total transfers the values set in the form of item 5.8 of the Annex to the Supplementary Law No. 87, of September 13, 1996, as well as the balance of budget allocations specifically intended for purpose.

Single Paragraph. Act of the State Ministers of the Finance and Planning, Budget and Management will establish the limits, criteria, deadlines and other conditions for the delivery of the resources to States, their Municipalities, and the Federal District, and must be firmed in advance. respective Protocol.

Art. 9º Stay convalidated the acts practiced on the basis of the Provisional Measure No. 2.121-39 of January 26, 2001.

Art. 10. This Provisional Measure comes into force on the date of its publication.

Art. 11. The letters "d" and "and" of the inciso II of the art shall be revoked. 18 of Law No. 9,293 of July 15, 1996, and "d" and "and" of the inciso II of the art. 26 of Law No. 9,473 of July 22, 1997.

Brasilia, February 23, 2001 ; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Pedro Parente

ANNEX OF FISCAL TARGETS

LAW OF BUDGET GUIDELINES

Demonstration of annual targets

(Art. 4º, § 2º, inciso II, of Supplementary Law No. 101, 2000)

The primary surplus target of the proposed Central Government for 2001, as presented in the Annex Table, is R$ 28,120.8 million, which amounts to 2.25% of GDP considering an estimate of GDP of 2001 equal to R$ 1,249,813.09 million. This target was set in a manner consistent with the Fiscal Stability Programme (PEF), proposed initially in October 1998, introducing fundamental changes to the country's fiscal regime. Together with the Work Agenda structural measures and institutional changes that aim to give appropriate form to fiscal decisions, procedures and practices in the future-the Action Plan 1999-2001, where targets were set, was set primary surplus of the consolidated public sector at levels compatible with stabilization of the debt / GDP ratio at the end of the triennial. The disruption in the growth trajectory of the debt-to-GDP ratio is essential to ensure the decreasing trajectory of the interest rate, enabling the resumption of economic growth with price stability. In function of this goal, the targets for the 1999-2001 trienium are higher when compared both to the observed results and the proposed targets for the previous years, notably 1998. In all, the target for 2001 has been revised down as a result of the strict compliance with the targets set for fiscal policy as well as the most favourable macroeconomic framework that has rounded up.

For the years 2002 and 2003, the targets set here provide for the maintenance of the fiscal effort, translated into the achievement of primary surpluses that allow stabilization of public debt as a proportion of GDP. In this way, the targets here were set at 2.2% and 1.8% of GDP, respectively, for 2002 and 2003 for the Central Government. These values should be seen as indicative, and may be reviewed depending on the trajectory itself of the indebtedment and the variables that determine it. The Central Government's target for 2002 is compatible with the announced goal of a primary surplus for the consolidated public sector of 2.7% percent of GDP for that year.

Given the primary surplus, the trajectory of the debt-to-GDP ratio is basically determined by the evolution of the exchange rate, the real interest rate, and the real growth rate of the economy. For a given exchange rate, the debt growth will be higher the higher the real interest rate and lower the real growth rate of the economy, for the same primary outcome. With a scenario of international crisis and diminishing external credibility, the Brazilian economy lived, in 1998 and 1999, a period of high and low growth rates (in 1999, despite low, it was substantially higher that most predictions, showing an excellent response from the Brazilian economy to changing exchange rate regime). For the next few years, the macroeconomic scenario provides for continued interest rate decline and sustained recovery from economic growth, which, together with meeting targets by 2001, will make it possible to set lower targets for 2002 and 2003, without compromisation of the desired trajectory of the debt-to-GDP ratio. It is important to remember that the very stabilization of debt /GDP braces for the reduction of the required real interest and subsequent primary surplus required. Thus, the initial fiscal effort carried out during the triennial 1999-2001 is instrumental in enabling the definition of smaller targets of primary surpluses for future exercises.

In relation to projected levels of revenues and expenses, a small increase in GDP revenue was considered in 2001 in relation to the 2000 Budget Bill. For 2002 and 2003, a stability of the fundraiser as a proportion of GDP is projected. The level of expenditure has been adjusted in such a way as to ensure the achievement of the proposed primary surpluses.

The nominal result was established from the primary surplus targets and nominal interest hypotheses and exchange rate. Projections for the nominal results, in turn, point to small deficits: 1.38, 0.38 and 0.54% of GDP in 2001, 2002 and 2003, respectively. At the same time, the net debt of the Central Government presents a small reduction in the period: from 27.85% of GDP in 2001 to 25.88% of GDP in 2003.

Macroeconomic variables used in projection
				2001	2002	2003
Exchange rate (R$/$-ten)				1.83	1.89	1.92
nominal interest rate (% a.a.)				14.2	12.28	11.26
GDP (real growth%)				4.5	4.5	4.5
Skeletons / Privatization				0	7.04	7.58
Central Government Net Debt (% GDP)				27.85	26.61	25.88
Primary Government Central Government Result (% GDP)				2.25	2.2	1.8
Nominal Government Central Government Result (% GDP)				-1.38	-0.38	-0.54

The net debt of the Central Government is equal to its gross debt (including the monetary base), net of its financial assets. The total net debt of the Central Government is measured by the concept of competence (including accrued and unpaid interest) for the inner component of the debt, and by the concept of interest due (contractual competence) for the external component of the debt.

It is important to underscore that both nominal deficit and debt values directly depend on the macroeconomic hypotheses considered. A critical variable for the determination of the debt stock is the exchange rate, given that about 40% of the gross debt of the public sector directly depends on it. Thus, an eventual devaluation of the exchange rate may represent a higher level of debt for the coming years. In addition, the disclosure of the implicit GDP deflator of 1999 can bring variations in the debt-to-GDP ratio, in that it affects its denominator. In 1999, due to the currency change there was a significant discrepancy between the IGP-DI and the implicit deflator of GDP. In the projections carried out above, an estimate of the GDP deflator, which can differentiate from the number to be disclosed by the Brazilian Institute of Geography and Statistics, was used. Finally, the various contingent liabilities presented in the Fiscal Risks Annex may also contribute to an increase in the stock of debt. In this way, although the basic scenario contemplated a decline in the debt-to-GDP ratio, the definition of the primary surplus targets took into account the possibility of occurrence of the various factors mentioned above.

The trajectory of net debt thus shows that the proposed targets for the primary outcome, jointly with the projected scenario, are sufficient to prevent debt growth while maintaining a responsible fiscal policy.

ANNEX TO MESSAGE

LAW OF BUDGET GUIDELINES

Objectives of monetary, creditworthiness and currency policies

(Art. 4º, § 4º, of Supplementary Law No. 101, 2000)

The goals of Brazilian economic policy for the coming years follow being the promotion of economic growth with price stability. The convergence of fiscal, monetary, creditworthiness and exchange rate policies and the continuity of structural reforms are essential for achieving these goals.

The adjustment of public accounts, particularly after 1998, represented a decisive step in building solid foundation for the recovery of growth. It is this adjustment that ultimately guarantees the consolidation of monetary stabilization, the foundation for sustained growth and the progressive improvement of the living conditions of the Brazilian population. Strict compliance with fiscal targets and the structural changes that have been obtained with the indispensable participation of the National Congress are decisive elements for the resumption environment of Brazilian development that has already begun to take place. manifest. These elements strain further speculative pressures against Real, favor falling domestic interest rates and rising domestic savings, by reducing the need for public sector funding.

On the basis of the convergence process for a macroeconomic equilibrium situation, with expressive growth rates, it is the successful implementation of the Fiscal Stability Program. In effect, the primary result of the consolidated public sector of 1999 reached a surplus of 3.13% of GDP, fulfilling not only the fiscal target set for the year, but also ensuring compliance with fiscal targets for the fifth quarter. consecutive. With this, the initial step has been taken for a sustainable trajectory of the net-debt-GDP ratio. For the year 2000, the budget proposal has set a primary surplus of 2.6% of GDP for the Central Government, in line with the primary surplus of 3.25% of the GDP set for the consolidated public sector. And for the 2001 financial year, the target set out in this Annex for the Central Government is 2.25% of GDP, which is equal to R$ 28,120.8 million for an estimate of GDP of 2001 equal to R$ 1,249,813.09 million.

As of the beginning of 1999, Brazil opted for a free exchange rate regime of the exchange rate, and there was therefore no commitment to maintaining any level or fluctuation range for the exchange rate. The introduction of this scheme has allowed to remove constraints from the balance of payments that have spoken with the worsening of external conditions after the Asian crisis. The positive effects of the currency change were soon felt in 1999: the current account deficit was reduced from US$ 33.6 billion in 1998 to US$ 24.4 billion in 1999. In addition, this deficit was largely covered by the direct external investment entry, which reached the record level of US$ 30 billion in 1999. The trade deficit in twelve months was reduced from US$ 6.6 billion occurred in 1998 to a low of US$ 400 million at the end of the first quarter of 2000, indicating that last year's currency devaluation and growth in the economy world are surfacing the desired effect on Brazilian external accounts. Exports, benefited from relative price change and earned competitiveness gains, continue their growth trajectory verified since the second half of last year, reducing our external need for funding.

With the change in the exchange regime, monetary policy has gained greater freedom, moving on from the effects of the level of activity and the exchange on the rate of inflation, rather than to be determined, as in the previous arrangement, by the need to enable the flow of external resources necessary for exchange rate sustaining. Monetary policy has thus become a key element in the coordination of expectations, this being the fundamental reason for the adoption of the inflation targeting regime.

In the coming years, in addition to the commitment to the free fluctuation of the exchange rate, the Government intends to continue to steer monetary policy to ensure the achievement of inflation targets. Since July 1999, the formal regime of inflation targets has been instituted, and the annual targets for the consumer price index (IPCA) were set at 8% for 1999, 6% in 2000 and 4% in 2001, admitting the change of two percentage points higher and down, in order to accommodate seasonal or episodic variations. In June this year, considering the recent inflation results, as well as the goal of maintaining a decreasing trajectory in a way that is compatible with the convergence of Brazilian inflation to a rate equivalent to that of the international economy, it was set a target of 3.5% for 2002, also conceded the variation of two percentage points up or down. From the formal point of view, it is an integral part of the new systematic conduct of monetary policy that implies reach, by the Central Bank of Brazil, of the inflation target set by the Government. The regime constitutes the most appropriate strategy, in the current context, for maintaining price stability, by making clear the means used by the Central Bank of Brazil to achieve this goal. At the same time, it highlights the constraints on the operation of monetary policy, increasing the degree of government's commitment to the price stabilization process.

The fiscal adjustment present, the most favorable external conditions and the new currency regime vienable a decreasing trajectory for internal interest rate. Over the next few years, further falls in real interest rates can be expected, giving continuity to the movement started in March 1999. It is up to register, in that regard, that the basic interest rate (SELIC) has narrowed, in real terms, from 33.98% to 12.65% between March 1999 and March 2000, using inflation projected for the following twelve months.

In relation to credit policy, the Government's objective has been the expansion of the volume of creditor operations, as well as the reduction in costs of financial intermediation. Several measures have been adopted in this direction, such as reduction of compulsory pickup on spot deposits (two reductions in six months), the elimination of that mandatory on time deposits, the reduction of the IOF aliquot incident on credit operations to physical persons, in addition to the creation of the Banking Credit Cédula, title arising from credit operation, simpler and more effective judicial traction.

As a consequence of the measures taken and of a better expectation as to the economic scenario, an increase in credit volume is already observed, in addition to a decrease in the bank spread. However, one should remember that the lasting effects of these measures are expected to occur in the medium and long term. Still, the desired elevation of the credit / GDP ratio should come to fruition in a sustained manner, so that the credit for consumption will keep pace with the expansion of productive investments. In this way, the maintenance of credit expansion as well as the decrease in the cost of financial intermediation will continue to be objective of macroeconomic policy, so as to become the credit an important channel of monetary policy transmission, with fundamental role for the resumption of economic growth.

The parameter grid adopted in the establishment of the fiscal targets is reproduced in the table below and provides the basic parameters with which it is working for the next few years, mainly with regard to rate hypotheses of exchange rate and interest rate.

Macroeconomic parameters used in projection
				2001	2002	2003
Exchange Rate (R$/$-ten)				1.83	1.89	1.92
nominal interest rate (% aa)				14.2	12.28	11.26
GDP (real growth%)				4.5	4.5	4.5

It is important to emphasize that they deal with working hypotheses or scenarios for the next few years, rather than goals or commitments of economic policy.

ANNEX OF FISCAL TARGETS

LAWS OF BUDGET GUIDELINES

Metas and Tax Projections for Central Government

(art. 4º, § 1º of Supplementary Law No 101, 2000)

Discrimination	2001			2002			2003
	Value		% GDP	Value		% GDP	Value		% GDP
I. TOTAL REVENUE	269,123.0		21.53	291,933.6		21.53	315,904.8		21.53
II. TOTAL EXPENDITURE	241,002.2		19.28	262,107.2		19.33	289,497.5		19.73
III. PRIMARY RESULT (I-II)	28,120.8		2.25	29,826.4		2.20	26,407,2		1.80
IV. NOMINAL RESULT	-17,200.0		-1.38	-5,100.0		-0.38	-7,900.0		-0.54
V. NET GOVERNMENT DEBT CENTRAL	360,900.0		27.85	374,800.0		26.61	393,300.0		25.88

R$ million average of 2000

Discrimination	2001		2002		2003
	Value	% GDP	Value	% GDP	Value	% GDP
I. TOTAL REVENUE	254,236.5	21.53	265,677.1	21.53	277,632.6	21.53
II. TOTAL EXPENDITURE	227,671.2	19.28	238,533.3	19.33	254,424.6	19.73
III. PRIMARY RESULT (I-II)	26,565.3	2.25	27,143.8	2.20	23,208.0	1.80
IV. NOMINAL RESULT	-16,248.6	-1.38	-4,641.3	-0.38	-6,942.9	-0.54
V. NET GOVERNMENT DEBT CENTRAL	340,936.8	27.85	341,090.5	26.61	345,651.3	25.88