PROVISIONAL MEASURE # 2.111-49, OF January 26, 2001

Provides on the granting of linked financing for the export of domestic goods or services, and gives other arrangements.

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 In the financing operations with resources of the Special Programming of Official Credit Operations, linked to the export of national goods or services, the National Treasury may paced financial charges compatible with those practised on the international market, within the framework of the Export Financing Programme-PROEX.

Art. 2º In the financing operations linked to the export of domestic goods or services not covered by the provisions of the preceding Article, as well as in the financing for the production of goods intended for export, the Treasury National will be able to grant the financier sufficient equalization to make the financial burdens compatible with those practised on the international market.

§ 1º The Executive Power shall set the maximum permissible limits for the purpose of this article.

§ 2º The provisions of this article also apply to the vincense charges for operations already undertaken, in respect of which there are obligations of the National Treasury in the compliance of Resolutions n^the 509 of January 24, 1979, and 1,845, from 1º July 1991, both from the National Monetary Council.

Art. 3º The State Ministers of Finance and Development, Industry and Foreign Trade shall establish the conditions for the implementation of the provisions of this Interim Measure, Observed, still, the provisions of the Monetary Council National.

Art. 4º The arts. 1º, 2º and 3º of Law No. 9,531 of December 10, 1997, pass vigorously with the following essay:

" Art. 1º The Guarantee Fund for Promotion of Competitiveness-FGPC is hereby established, linked to the Ministry of Development, Industry and Foreign Trade and managed by the National Bank for Economic Development and Social-BNDES, with the purpose of providing resources to ensure the risk of financing operations carried out by BNDES and the Special Industrial Funding Agency-FINAME or through repassenger financial institutions, intended for:

I-microenterprises and small businesses ;

II-medium-sized companies that are exporting or manufacturers of inputs that integrate the productive process, or assembly and packaging of goods destined for export.

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§ 2º The Executive Power shall set, for the purposes of the provisions of this Act, the framework criteria of individual firms and legal persons in the categories of micro-enterprises, small-and medium-sized enterprises of which they treat the incisos I and II of the caput of this article. (NR)

Art. 2º The initial FGPC heritage will be constituted upon:

I-transfer of forty per cent of the resources allocated to the Union by virtue of art. 2º of Law No. 9,526 of December 8, 1997 ;

II-linking of one billion and five hundred million nominative preferential shares of issuance of Brazilian Telecommunications s.A. -TELEBRÁS, who are deposited in the Federal Public Debt Amortization Fund-FADPMF, set up by Law No. 9,069 of June 29, 1995 ;

§ 1º Poor shall, still, be linked to the FGPC, upon prior and express authorization of the President of the Republic, other shares owned by the Union, traded on stock exchanges, including those deposited in the FADPMF.

§ 2º The value of the shares for the purposes set out in the inciso II of this article will be determined by the average quotation of the last five pregons in which the shares have been negotiated.

§ 3º The shares linked to the FGPC will be deposited at the National Economic and Social Development Bank-BNDES.

§ 4º It is the BNDES entitled to divestment of the shares tied to the FGPC, and shall forward the demonstration of accountability relating to each disposal to the Union Court of Auditors-TCU.

§ 5º The expenses, charges and emoluments related to the disposal of the shares will be slaughtered from the proceeds of the disposal. (NR)

Art. 3º .......................................................................

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V-the product of the alienation of the integral shares of your estate ;

VI-the dividends and capital remuneration of the shares of which it treats the earlier incision ;

VII-other resources intended for Public Power.

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Art. 5º The art. 5º of Law No. 8,032 of April 12, 1990, passes vigorously with the following essay:

" Art. 5º The special customs regime of which it treats the inciso II of the art. 78 of Decree-Law No. 37 of November 18, 1966, may be applied to the import of raw materials, intermediate products and components intended for the manufacture, in the Country, of machinery and equipment to be supplied in the domestic market, in international tender, against payment in convertible currency arising from funding awarded by international financial institution, from which Brazil participes, or by foreign governmental entity or, yet, by the Bank National Economic Development and Social-BNDES, with resources picked up abroad. " (NR)

Art. 6º The art. 6º of Law No. 9,449 of March 14, 1997, passes vigorously with the following essay:

" Art. 6º The company that exports product from its manufacture, to which it refers to art. 1º, § 1º, point "h", by means of company, installed in the Country, manufacturing or assembly of products related to the subparagraphs "to" the "g" of the same paragraph, may transfer to that company the value of net export, if the export is made for society of the same economic group to which to belong the second or to society to this coalition.

Single Paragraph. They consider themselves as the society of the same economic group the controller and its controlled. " (NR)

Art. 7º The art. 76 of Law No. 9,532 of December 10, 1997, passes in addition to the following paragraphs:

" § 1º The willing on art. 55 does not apply to projects of companies to which the art refers. 1º, § 1º, point "h" of Law No. 9,449 of March 14, 1997, the production of which is intended for export wholly until December 31, 2002.

§ 2º The Company which uses the benefit provided in the preceding paragraph and no longer export the entire production within the prescribed period shall be subject to the fine of seventy-per cent applied on the FOB value of the total of the imports carried out in the terms of the incisos I and II of the art. 1º of Law No. 9,449, from 1997. " (NR)

Art. 8º It is suspended, in the period from April 15, 1999 to June 30, 2000, the application of the provisions of the art. 12 of Law No. 9,779 of January 19, 1999.

Art. 9º Stay convalidated the acts practiced on the basis of the Provisional Measure No. 2.111-48 of December 27, 2000.

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

Art. 11. It is repealed Law No. 8,187, from 1º June 1991.

Brasilia, January 26, 2001 ; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Silvano Gianni