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

Tags:

You May Also Like

Brazil's National Anthem

In Defense of Brazil’s Beautiful and Moving National Anthem

When I told my Brazilian wife about an article I read recently bashing her ...

Vinicius and Jobim Back in Fashion with Orfeu’s Revival in Brazil

Number of performers: 16-18 actor/singers (all black). Number of stage musicians: seven (on guitar, ...

Amnesty Sends Brazilian Political Candidates a Video Message Showing Death and Misery

In a video made public today, September 5,  Amnesty International brought the suffering and ...

Favorite Tune

The winning song was recorded in several rhythms, including country, pagode and axé. The ...

Brazil Celebrates License to Sell Papaya in the US

The first license issued to a Bahian company to export papaya to the United ...

A National Guard

New official statistics show that the subterranean economy in Brazil employs one in every ...

Search for High Added Value in Shoes Draws Top Brazilian Stylists

Exclusive shoes, developed by a group of 24 small and medium sized companies of ...

UK Prosecution Refusal to Charge Killers of Brazilian Angers Dead’s Family

Following British prosecutors refusal to bring charges over the death of Brazilian citizen Jean ...

Nigeria’s Debt Forgiveness Made Official by Brazil

Brazil will receive only US$ 67.3 million of the US$ 150.4 million owed to ...

Brazil Says Gol Profited US$ 81 Million, US Says It Lost US$ 18 Million

Despite heavy losses, Brazilian airline company Gol reported a 60% increase in its net ...