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IMF Endorses Brazil's Economic Plan
By:
The Associated Press
Washington -- The International Monetary Fund expressed support Wednesday for the economic reform program being followed by Brazil, saying the country has qualified for an additional $448 million loan. In a brief statement, the IMF said its 24-member executive board had determined that the South American nation had successfully met its economic targets in such areas as inflation and government budget deficits. This determination clears the way for Brazil to receive an additional $448 million loan from the IMF if needed, the agency said. In September, the IMF authorized Brazil to borrow up to $15.2 billion from the international lending agency, an action that was intended to help insulate the country from the economic troubles of neighboring Argentina. Brazil has taken out $4.6 billion in IMF loans as part of its $15.2 billion credit line. Brazil's economy has shown few spillover effects from the economic crisis in Argentina, which has been forced to default on its foreign debt and is struggling to cope with a recent devaluation of its currency. 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.
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