As minister, Zélia was responsible for the implementation of the
Plano Collor, which combined fiscal and trade liberalization with radical inflation stabilization measures. A monetarist inflation stabilization was coupled with an industrial and foreign trade reform program, the
Industrial and Foreign Trade Policy (Portuguese:
Política Industrial e de Comércio Exterior), better known as
PICE, and a privatization program dubbed the "National Privatization Program" (Portuguese:
Programa Nacional de Desestatização), better known as the
PND. The PICE was geared towards opening the Brazilian marketing to foreign competition while simultaneously fostering domestic innovation, whereas the PND was the first large-scale privatization program in Brazil, generating nearly US$4 billion for the government and privatizing 18 different state-owned enterprises. According to Carlos Eduardo Carvalho, from Departamento de Economia da Pontifícia Universidade Católica de São Paulo: "The Collor Plan itself began to be formatted by the president-elects advisors at the end of December 1989, after his victory in the runoff election. The final draft was probably strongly influenced by a document discussed by the advisors of PMDB party candidate Ulysses Guimarães, and later by advisors of PT party candidate Luiz Inácio Lula da Silva, during the period between the general election and the runoff. In spite of the differences in their general economic strategies, these competing candidates failed to develop their own stabilization policies at a time of rapid price increases and risk of hyperinflation during the second half of 1989. The proposal to block liquidity originated in academic debate and was imposed upon the main presidential candidacies." ==Political scandal==