IMF Goes to Brazil to Liquidate the Country’s Debt

The managing director of the International Monetary Fund, Rodrigo de Rato, will be in Brazil on January 10 and 11 to officialize the pre-payment of Brazil’s debt with the IMF.

During his stay in the country, Rato will meet with Brazilian President Luiz Inácio Lula da Silva; Minister of Finance, Antônio Palocci and the president of the Central Bank, Henrique Meirelles.

At the end of last year, Brazil announced it would anticipate paying off a US$ 15.5 billion debt with the IMF, thus saving some US$ 900 million in interest payments. The debt was to have been paid in installments running until December 2007.

In December, Lula declared that by paying off its IMF debt Brazil was demonstrating its independence. According to the Brazilian President the country was able to make the payment because its reserves have now risen to over US$ 60 billion.

Lula went on to say that Brazil is in charge of its own destiny ("dono de seu nariz" – owner of its own nose, as he put it) and capable of continued growth.

"We have money, exports, production and now we have shown that we can administer our own debt and move on as we grow more and create jobs," said the President.

In conclusion, Lula said that what Brazil needs is a decade of solid growth in order to achieve definitive stability.

ABr

Tags:

You May Also Like

Brazil’s Business Leader Urges Bigger Role for Businesses

In Brazil, the president of the Federation of Industries of the State of São ...

Brazil’s BNDES Loans Over US$ 8 Billion

The Brazilian Development Bank (BNDES) spent US$ 8.4 billion in loans in the first ...

Brazil Confident Its Stem-Cell Treatment Will Save 200,000 Lives in Three Years

In what is described as the world’s biggest experiment in the use of stem-cell ...

Up and Coming

Yes, there are prosperous and even rich Brazilian blacks. And they are not just ...

Brazil’s New Key Interest Rate Shows Central Bank’s Arrogance, Says Industry Federation

In a note on the decision by the Monetary Policy Committee (COPOM) of Brazil’s ...

How Brazilian “Cats” Make Slavery a Thriving Business in Brazil

Last week the local papers reminded Brazilians of the signing of the Lei Áurea ...

Brazil Signs US$600-Million Oil Contract with China

Brazil’s government owned Petrobras announced Monday, July 18, the signing of a contract for ...

While Others Might Struggle Brazil Is Ready to Thrive in a Greener Planet

The world leaders have confirmed the prisoner’s dilemma; unfortunately the entire world will face ...

Week-long Chinese Mission in Brazil Studies Technological Exchanges

A Chinese mission began to learn about the fruits and evolution of Brazilian agriculture ...

Brazilian Study Leads to Cervical Cancer Vaccine

Research scientists have developed an experimental treatment to protect women against cervical cancer.  A ...