On November 13, the IMF briefed the press on the successfully concluded negotiations between Brazil and the IMF and what IMF Managing Director Michel Camdessus termed "a strong three-year program of economic and financial reform" (see IMF Survey, November 16, page 353, for the Managing Director's statement). IMF First Deputy Managing Director Stanley Fischer; Director of the Policy Development and Review Department Jack Boorman; and Deputy Director of the Western Hemisphere Department Teresa Ter-Minassian, who was the IMF's chief negotiator with the Brazilian authorities, responded to queries. Following are edited excerpts. The full text is available on the IMF's website (www.imf.org).