THE INTERNATIONAL MONETARY FUND (IMF) HAS AGREED TO LEND BRAZIL AN EXT...

World | August 8, 2002, Thursday // 00:00

The International Monetary Fund (IMF) has agreed to lend Brazil an extra $30bn, hoping that this will help pull the country and the region out of crisis. About $24bn of this will be distributed next year, Horst Koehler, the IMF managing director said in a statement, adding that Brazil "strongly deserves the support of the international community". Last week, the Brazilian currency, the real, hit record lows as doubts grew over the country's ability to repay its debts.
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