In Brazil, IMF Only for a Rainy Day

    Speaking to journalists at the Palácio do Planalto, December 23, Brazilian President Luiz Inácio Lula da Silva made it clear: “Brazil is in a situation that is so comfortable we do not need another International Monetary Fund agreement.”

    Lula said Brazil has not been withdrawing funds under its agreements with the IMF and did not intend to do so. However, he did not rule out the possibility of a need for such funds in the future.


    “As we say out in the backlands: caution and chicken broth never did anyone any harm,” said the President.


    Lula went on to say that Brazilian economic growth was now an irreversibile process.


    “Next year is going to be well above average,” he promised his listeners. He said there were going to be more investments.


    “Brazilians are going to have a better year in 2005 with regard to jobs and income distribution. And in that respect, 2004 was not all that bad, you know,” declared the President.


    Lula said 2004 had been positive because the government was fiscally responsible and controlled its expenditures. The country got more credibility.


    The Congress approved important bills such as the new Bankruptcy Law and the Public-Private Partnerships (PPPs).


    “That last one is going to be good for the whole country,” concluded Lula.


    Translation: Allen Bennett
    Agência Brasil

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