IMF's Brazil rescue deal seen this week-negotiator
Reuters, Wednesday, November 11, 1998 at 09:20
WASHINGTON, Nov 11 (Reuters) - An agreement is expected
this week on a multibillion-dollar IMF-led rescue package for
Brazil, a top Brazilian negotiator said on Wednesday.
Amaury Bier, Finance Minister Pedro Malan's top aide, told
Reuters that negotiators were still working on a letter of
intent laying out Brazil's policy commitments. He said a final
agreement with the International Monetary Fund should be ready
by the end of this week.
"It's more likely that it will be toward the end of this
week," Bier said in Washington. A deal had been expected on
Monday or Tuesday.
The letter of intent would specify economic targets and the
amount of financial support Brazil thinks it needs to guard its
economy from the financial turmoil.
The IMF-orchestrated loan package was expected to top $30
billion and could run as high as $45 billion, depending on how
much bilateral aid is offered by the world's richest nations.
The program was expected to include $15 billion from the
IMF, $4.5 billion from the World Bank, $3.4 billion from the
Inter-American Development Bank, and billions of dollars more
from the United States and other leading industrial nations.
"The broad details have been agreed," IMF First Deputy
Managing Director Stanley Fischer said in Melbourne on Monday.
But Fischer added that documents were still being completed.
Copyright 1998, Reuters News Service |
