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March 29, 2005
Some Good News From Brazil
From the Wall Street Journal Online (subscription may be required):
In another milestone in Brazil's comeback from the brink of financial collapse, the government said it won't renew its standby-credit accord with the International Monetary Fund...
...Finance Minister Antonio Palocci announced yesterday that Brazil's strong recent economic performance made renewing the pact unnecessary. In 2004, Brazil posted its fastest economic growth in a decade, a record trade surplus, a strong budget surplus and the first drop in its level of debt-to-gross domestic product since 2000.
Not only that,
Brazilian Treasury Secretary Joaquim Levy said the nation owes the IMF $23.2 billion, and said all money owed is "currently available in government reserves." He added that Brazil is due to repay the money in full by 2007.
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