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Brazil Seen Receiving $1.6 Billion From World Bank, IDB - Report
By Anthony Dovkants and Paula Lace, Dow Jones Newswires 6/13/2002
SAO PAULO -(Dow Jones)- Brazil is expected to receive $1.6 billion in funds from the World Bank  and the Inter-American Development Bank over the next few weeks, said O Estado de S. Paulo Thursday.

Of this total, $1.1 billion is seen coming from the World Bank, while $500 million is expected from the IDB. The money can be used by the central bank on the foreign exchange market.

Part of the World Bank's money is also expected to be directed at helping provide funds for the financial and energy sectors, said the paper, quoting a World Bank official.

"This signals the World Bank's confidence in Brazil 's reforms and macroeconomic program," said Vinod Thomas, Brazil director for the institution, after a meeting with finance minister Pedro Malan. The director also said the bank has a positive mid-term outlook for the country, stating the next two to three years as the institution's timeframe.

The loans would come as investors grow increasingly worried about Brazil being able to meet future debt obligations and after the real Wednesday weakened to levels not seen since the Sept. 11 attacks on the U.S.

This also comes as the government is Thursday expected to announce that Brazil will draw down $10 billion of its remaining loan with the International Monetary Fund  to also boost its reserves, a source close to the central bank told Dow Jones Newswires. The central bank declined to comment on this but added a press conference by the Finance Ministry and the monetary authority would be held at 1530 GMT ( 11:30 a.m. EDT) .

 

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