Brazil Ready to Pardon Debts As Long As Someone Else Pays

Five Latin American countries seek to have their debts with the Interamerican Development Bank pardoned. The issue will be discussed by a committee representing shareholder countries.

The committee, led by Brazil, is meeting at the 47th Annual IDB Governors Conference, which will end this Wednesday, April 5, in Belo Horizonte in the Brazilian Southeast.

According to the president of the IDB, Luis Alberto Moreno, Haiti, Bolivia, Nicaragua, Guyana and Honduras are burdened by debt payments that make investments in infrastructure and poverty reduction projects impossible.

Their total debt is US$ 3.5 billion. Brazil, Argentina and Mexico have declared that they are willing to pardon the debts as long as the cost is not debited to their shares.

The debt pardon has been the main topic of debate at the Belo Horizonte meeting, but Moreno says a consensus has not been reached. He said he believes that a final decision will only be ready at the end of this year.

According to Brazilian minister of Planning, Paulo Bernardo, most IDB member states have not taken a position on the question. He says there is a proposal for rich nations, such as the United States, Canada and Japan, who are IDB donors, to set up a fund that will cover the costs of the debt pardon.

Agência Brasil

Tags:

Ads

You May Also Like

International Executives Debate Brazil’s Bottlenecks and Crumbling Roads

Executives from several multinationals in Brazil will meet to discuss the shortcomings of Brazil’s ...

Syria Moves to Get Closer Trade Relation with Brazil

The Arab Brazilian Chamber of Commerce (CCAB) and the Syrian Federation of Chambers of ...

Brazil and Amazon Nations Officials Discuss Science and Technology

Amazon region countries take another step toward achieving greater regional cooperation with the First ...

Brazil Has the Best Candidate, But the US Wants Colombia Heading the IDB

On July 27th, the governors of the Inter-American Development Bank (IDB) will choose their ...

Highway Concessions, the Way Brazil Found to Maintain Its Busy Roads

The first federal highway concessions in Brazil date from 1996. There are six highway ...

Brazil’s Central Bank Hikes Interest Rates to 18.25%

In spite of the expected interest rate hike by the Brazil’s central bank Brazilian ...

Israel and US Worried Brazil’s Arab Summit Will Harm Middle East Peace

Brazilian President Luiz Inácio Lula da Silva welcomed South American and Arab leaders to ...

Biological Diversity Convention Makes Brazil an Ecological World Leader

Monday, March 20, in a press conference, the executive secretary of the Convention on ...

Brazil: Killing Waters Down South, Choking Fires in Brasília

The rain will be less this week than last and river levels began to ...

Brazilian Dies While Being Held by US Immigration Agents

US-resident Brazilian Irene Araújo had a little problem earlier this week. She was worried ...