• Categories
  • Archives

Brazil Starts 8 Infrastructure Projects with IMF Blessing

Eight major projects with economic and social impact will split the first installment of funds from the 2005 Federal Budget allocated to an agreement between the federal government and the International Monetary Fund (IMF).

This is the so-called pilot project, which includes highway recovery, irrigation, dam construction, federal revenue collection, integration of meteorological data, and investment in the Biotechnology Center of the Amazon.

These projects, which promise financial returns, were determined by the Ministries of Finance and Planning during the course of 2004, because they will improve the country’s infrastructure.

By the agreement with the IMF, the money spent on these projects will be excluded from calculations of the primary surplus, allowing the economic team not to have to chalk these amounts up as expenses.

The first installment represents US$ 1.0 billion (2.8 billion reais) of a total of US$ 3.3 billion (9 billion reais) that will be invested over a three-year period.

The agreement has still not been ratified officially, but, according to the explanation offered by the president of the Joint Budget Commission, Deputy Paulo Bernardo (PT/PR), it was necessary to earmark these funds in the budget, which was approved by the Congress in the final week of December, to establish an advance guarantee that the terms of the agreement will be fulfilled when the process is completed.

Translation: David Silberstein
Agência Brasil


  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


You May Also Like

Brazilian Left Tries to Rally Behind a Scorched Lula

On June 19, the national directorate of the Workers Party (PT) of Brazil called ...

Seven Suitors to a Speaker’s Chair in Brazil

As Brazil’s political party leaders met to work out the details of the election ...

Hollywood Gets a Taste of Brazil’s Folk Celebration, the Festa Junina

Forróçacana (pronounced Foh-haw-sacana) is one of the most important bands of Forró in Brazil.  ...

Brazil-Uruguay Summit Discusses South America Integration

The President of Uruguay, Tabaré Vázquez, will pay an official visit to Brazil today. ...

Hendrik Meurkens: The Brazilian Sounds of a Carioca from Germany

Harmonica player, vibraphonist and composer Hendrik Meurkens may have been born in Germany, but ...

Brazil Worried International NGO’s Want to Take Over the Amazon

The 10th National Conference of State Legislatures, which began in Brazil Wednesday, May 17, and ...

Sí£o Paulo, Brazil: Where the Fashion Meets

The 30th Fashion Meeting, which took place in São Paulo, is one of the ...

Brazil’s Lula: "We Have to Grow Again"

"I’m going to do what I promised. I only ask for comprehension. It has ...

Brazil Gerdau Invests US$ 1.4 Billion for Six-Fold Expansion of Siderperíº

Brazilian Gerdau company, the world's 13th largest steelmaker, wants to turn Siderperú, in Peru, ...

On, Off, On… Friends and Foes Regroup over Brazil’s Belo Monte Power Plant

Wednesday, April 14, a federal judge in Altamira, Pará, issued an injunction halting the ...