Brazil to Pass on IMF Money
Brasilia, Brazil –– Brazil's economy is doing so well that the government will pass up a $4.6 billion loan from the International Monetary Fund and will return $4.65 billion it borrowed last year.
Last September, Brazil got an emergency standby loan of $15.2 billion from the IMF and withdrew about $4.65 billion. Now the government says it will pay back the money, even though it is entitled to withdraw more.
The Finance Ministry said in a communique that Brazil doesn't need the money because it has raised enough in foreign capital markets.
Brazil got $3.1 billion from private creditors last year, while foreign direct investment totaled a healthy $9 billion between October and February, the government news agency Radiobras said.
Latin America's largest country has been an island of calm on a continent wracked by recession, unrest and civil war. A domestic energy crisis hurt Brazil last year but the economy is expected to grow 2.5 percent in 2002.
FAIR USE NOTICE: This page contains copyrighted material the use of which has not been specifically authorized by the copyright owner. Global Action on Aging distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.