Lula seeks new agreement with IMF (Brazil)

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Brazil announced it will seek a new agreement with the IMF to replace the current one that expires in December, and revealed that First Managing Director Anne Krueger will be arriving this Wednesday to begin negotiations.

“Our joint assessment (with the IMF) was that yes, we are interested in continuing (the current program) or a new one. This will help Brazil keep growing”, said Joaquim Levy from the Treasury Department of the Brazilian Finance Ministry.

The announcement was made after several meetings with the current head of the IMF mission in Brazil Jorge Marquez-Ruarte who is currently making the fifth and last review of the 30 billion US dollars stand-by agreement that expires next December.

Mr. Levy did not disclose the amount of the new agreement but said it would “best respond to balance of payments prospects and the international financial commitments of Brazil”.

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