(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS-973
We welcome the announcement today by Brazil's Finance Minister Palocci and IMF First Deputy Managing Director Krueger of a proposed one-year extension of Brazil's IMF program. The United States expects to support this proposal when it is reviewed by the IMF Executive Board. Brazil has made remarkable progress in restoring macroeconomic stability and reducing vulnerabilities. Its performance under its IMF program has been exemplary. As Brazil graduates from reliance on IMF financing,its decision to seek a precautionary extension of the program is a prudent step and will support Brazil's macroeconomic and growth-oriented reforms. Brazil has indicated that it does not intend further borrowing from the IMF under the program extension.
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