It’s Official: Brazil Won’t Renew IMF Accord

Brazil’s Minister of Finance, Antônio Palocci, informed the International Monetary Fund (IMF) that Brazil will not renew its agreement with the Fund.

The Brazilian government has until Thursday, March 31, to transmit its decision.


The most recent agreement with the Fund was signed in September, 2002, and renewed on a standby basis at the end of 2003, during the transitional period between the previous Brazilian Administration and the current one.


Of the total of US$ 41.75 billion authorized by the Fund, Brazil withdrew US$ 26.3 billion, which were added to the country’s international reserves. These funds could not be spent by the government.


The final stage of the agreement with the IMF was concluded at the beginning of last week, when the Fund’s board of directors approved the tenth review of the agreement.


Translation: David Silberstein


Agência Brasil

Tags:

  • 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Your email address will not be published.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.

Ads

You May Also Like

Brazil and Latin America Gather in Spain for Summit

Brazilian President Luiz Inácio Lula da Silva arrived today in the Portuguese city of ...

Brazil’s Fallen Finance Minister Says He Did No Wrong

"During these three years in the government, I never supported misuse of public goods, ...

True Believers

Brazil has endured a history of political instability and poverty. The belief in divine ...

Favela children in Rio, Brazil

It’s All a Matter of Class Not Color, Say Brazilians. Just Another Myth!

Continuing with the theme of "those racists Americans", most people are familiar with the ...

Brazil to Get a BB- for Global Bond Due 2037

Fitch Ratings has assigned a prospective ‘BB-‘ rating with a Positive Outlook to Brazil’s ...

Christmas Sales Up 3.5% in Brazil, After Inflation

Brazilian Christmas sales in shopping malls posted real growth (discounting inflation) of 3.5%, according ...

Twice Undesirable

Two Brazilians adopted as children by American couples are being expelled from the US. ...

LETTERS

By A special congressional committee looking into tax reform released a draft report, which ...

Fitch Sees Bright Future for Water and Sewage Companies in Brazil

According to Fitch Ratings, which has just released a special report entitled "Brazilian Water ...

Big City Nightmare

Last year, Brazil registered well over 40,000 assassinations, according to the Ministry of Justice. ...