Brazilian President-elect, Luiz Inacio Lula da Silva, is in the capital, Brasilia, to discuss transition plans with the country's president and to meet with Congressional leaders to talk about pending legislation.

Honking horns and cheers greeted Mr. da Silva as he arrived at the Presidential Palace in Brasilia to meet with President Fernando Henrique Cardoso.

The two men met to discuss ways the Cardoso government will cooperate with Mr. da Silva's transition team.

Following the talks, Mr. da Silva praised President Cardoso for ensuring the transition will be smooth and democratic. He also named a top aide, Antonio Palocci, to head his transition team, which he described as being purely technical.

The President-elect indicated he would not be naming Cabinet Ministers soon saying he needs more time to consult on the matter.

Financial markets are reported to be anxiously waiting to learn who Mr. da Silva will choose to become Finance Minister and Central Bank chief.

Mr. da Silva a former union leader won a resounding victory in Sunday's runoff election, becoming the first leftist to be elected President in Brazil.