Brazil Proud to Go from IMF Borrower to IMF Lender

Obama receives Lula in the White House Brazilian President Luiz Inácio Lula da Silva said he wants to be the first Brazilian leader whose administration will lend money to the International Monetary Fund. His comments were done following the G20 summit when it was agreed to supply the IMF with additional funding to the tune of 750 billion US dollars.

"The thing that I can say with a lot of pride is that Brazil needs no money from the IMF today and we are in a position of lending money to the IMF," but the (Brazilian share) amount has not been decided, he added.

Lula recalled that Brazil used to borrow from the IMF and "not too long ago." He also revealed that as a union leader he had participated actively in protests against the IMF. "Don't you find it very chic that Brazil is lending to the IMF? I spent part of my youth carrying banners against the IMF in downtown São Paulo," he said.

Brazil's decision had been expected as Lula had anticipated his country willingness to collaborate with the IMF. Brazil currently holds an estimated US$ 200 billion in its foreign exchange reserves.

Lula also praised the G20 summit as the first ever where developed and developing countries acted as equals.

"It's the first meeting I have participated in which developed countries acted as equals and it's the first meeting where nobody arrived having all answers as if the others didn't have any ideas or suggestions."

The Brazilian president said that with the crisis "things have changed because the countries that caused it still are not completely aware of the total damage and suffering generated, because nobody is really sure of what to do."

Lula in many of his public statements has underlined that the current crisis was born in the rich countries caused by "blue eyed blonde men, not blacks, Indians or poor people."

Mercopress

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