IMF Endorses Brazil's Economic Plan


By:  The Associated Press
The  New York Times, January 23, 2002


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.

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