Brazil Proud to Go from IMF Borrower to IMF Lender

    Obama receives Lula in the White House

    Obama receives Lula in the White House Brazilian President Luiz Inácio Lula da Silva said he wants to be the first Brazilian leader whose administration will lend money to the International Monetary Fund. His comments were done following the G20 summit when it was agreed to supply the IMF with additional funding to the tune of 750 billion US dollars.

    "The thing that I can say with a lot of pride is that Brazil needs no money from the IMF today and we are in a position of lending money to the IMF," but the (Brazilian share) amount has not been decided, he added.

    Lula recalled that Brazil used to borrow from the IMF and "not too long ago." He also revealed that as a union leader he had participated actively in protests against the IMF. "Don't you find it very chic that Brazil is lending to the IMF? I spent part of my youth carrying banners against the IMF in downtown São Paulo," he said.

    Brazil's decision had been expected as Lula had anticipated his country willingness to collaborate with the IMF. Brazil currently holds an estimated US$ 200 billion in its foreign exchange reserves.

    Lula also praised the G20 summit as the first ever where developed and developing countries acted as equals.

    "It's the first meeting I have participated in which developed countries acted as equals and it's the first meeting where nobody arrived having all answers as if the others didn't have any ideas or suggestions."

    The Brazilian president said that with the crisis "things have changed because the countries that caused it still are not completely aware of the total damage and suffering generated, because nobody is really sure of what to do."

    Lula in many of his public statements has underlined that the current crisis was born in the rich countries caused by "blue eyed blonde men, not blacks, Indians or poor people."



    • Show Comments (4)

    • FAndrade

      Who can teach us how to vote?
      I don’t think America has much to teach Brazilians about voting.

    • Shelly1

      You nailed to a T. He is working on getting the next Worker’s party nominee elected. Unfortunately, since most Brazilians do not know how to vote, Dilma may well get elected.

    • ch.c.

      Charity begins at home. Vanity begins in the mirror of public opinion.
      SO TRUE !
      this explain why Brazilians LOVE to caress their navel, day after day, time and again !

      But does that change the non local public opinion on Brazilians ?
      Just ask all non brazilians in South America who are the worst in the region.
      Unanimously BRAZIL is going to win…THE FIRST RANK !

    • aes

      Lend the money to the millions of poor in Brazil
      Charity begins at home. Vanity begins in the mirror of public opinion.

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.


    You May Also Like

    Brazil’s Lula Wants UN to Help Immigrants Send Money Back Home

    After participating in the opening ceremony of a United Nations (UN) Security Council meeting, ...

    Brazil: Ex-Chief Justice Assails Lula

    Recently retired from the presidency of Brazil’s Supreme Court, Maurício Corrêa is pulling no ...

    80 Countries Gather in Brazil to Discuss Land Reform

    The official debates at the 2nd International Conference on Agrarian Reform and Social Development, ...

    Tourism in Brazil Is Tool of Hope, Says Lula

    Brazil’s Minister of Tourism, Walfrido Mares Guia, reiterated the special attention his ministry has ...

    Brazil Reaches Self-Sufficiency in Oil Before Christmas

    The president of the state-owned Brazilian oil company Petrobras, José Sérgio Gabrielli, says that ...

    Just Passing Through

    Foreigners feel they would never be able to live like Brazilians and cannot understand ...

    Amazon Faces Serious Flooding After Two Weeks of Non-Stopping Rain

    Civil Defense spokesmen in the capital of the state of Acre, Rio Branco, in ...

    Gay Marriage and Naturism Get Their Day in Brazil

    Forget the headlines about the World Social Forum and Brazil’s effort to mediate in ...

    France's ITER

    Brazil’s Puts Up US$ 1 Billion for Membership In Nuclear Fusion Club

    Brazil seems determined to join the world's exclusive club of nuclear research and is ...

    Brazil to Enlist Doctors in Fight Against Child Abuse

    In Brazil, approximately 81% of the childbeating cases that arrive in hospitals are caused ...