Brazil-I.M.F. agree
NZPA-Reuter Brasilia
Brazil has reached agreement with the International Monetary Fund (1.M.F.) on unblocking a W54.9 billion lending programme after more than a month of talks, said Brazilian officials.
A Planning Ministry spokesman said yesterday that an agreement on new targets for the Brazilian economy would be signed on Monday. The agreement, if confirmed, will also pave the
way for the release of SUSS4O million of suspended commercial bank loans vital for keeping up payments on the country's estimated SUS9O billion foreign debt. The announcement came only hours before a deadline set by the Bank for International Settlements (8.1.5.) for repayment of a SUS4OO million bridging loan. The Brazilian spokesman said that his Government would contact the 8.1.5. and explain about the impending agreement with the
I.M.F. Bankers in London have also suggested that the deadline could be extended by the central banks which make up the 8.1.5. taking tbe credit on to their own books, a largely technical transaction. The Planning Ministry spokesman said that it would take at least 15 to 18 days before the I.M.F. funds actually flowed again, specifically a SUS4II million instalment due at tbe end of May.
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Press, 16 July 1983, Page 10
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195Brazil-I.M.F. agree Press, 16 July 1983, Page 10
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