IMF makes available additional $448 million to Brazil

The IMF’s Executive Board on January 23, approved its first review of Brazil’s performance under its $15.2 billion Stand-By arrangement. So far Brazil has drawn $4.6 billion from the IMF under this arrangement, which was approved on September 14, 2001 to help the Brazilian economy cope with shocks and to promote continued, stable growth. Completion of the review allows Brazil to draw, if needed, an additional $448 million.

Abstract

The IMF’s Executive Board on January 23, approved its first review of Brazil’s performance under its $15.2 billion Stand-By arrangement. So far Brazil has drawn $4.6 billion from the IMF under this arrangement, which was approved on September 14, 2001 to help the Brazilian economy cope with shocks and to promote continued, stable growth. Completion of the review allows Brazil to draw, if needed, an additional $448 million.

The IMF’s Executive Board on January 23, approved its first review of Brazil’s performance under its $15.2 billion Stand-By arrangement. So far Brazil has drawn $4.6 billion from the IMF under this arrangement, which was approved on September 14, 2001 to help the Brazilian economy cope with shocks and to promote continued, stable growth. Completion of the review allows Brazil to draw, if needed, an additional $448 million.

Following the Executive Board Meeting on Brazil, IMF Managing Director Horst Köhler said “the maintenance of strong macroeconomic policies and the support of the IMF have enabled Brazil to withstand a series of external and domestic shocks in 2001, including an energy shortage.” He also noted that “financial market variables have recovered significantly from the lows reached in the wake of the terrorist attacks of September 11,” but cautioned that the external environment remained volatile.