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Tuesday March 29, 07:03
Brazil refused to renew loan deal with IMF
(by Dr.Goldfinger)
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The International Monetary Fund will not see the renewed loan agreement with Brazil, the country’s officials said.
The 2003 agreement which expires this year will not be renewed, Brazil said. The decision was supported even by the country’s opposition.
Antonio Palocci, finance minister, said that neither Brazil, nor the IMF seeі the need to continue the country’s dependence on the International Monetary Fund. “The country’s vulnerability has been reduced consistently, we’re seeing a very positive growth cycle with inflation control, and a safe fiscal performance of the country’s external accounts,” he said.
He also added that the government will maintain its budget target of 4.25% of GDP.
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