Brazil to Liquidate Debts with Global Entities, Confirms Minister

10/06/2016 - 11h41

Planning Minister Dyogo Oliveira said on Wednesday (the 5th) that Brazil will liquidate its debts with certain international organizations this year.

A proposal to allocate R$ 3 billion (US$ 925 million) for this purpose is close to being approved by Congress, Oliveira said while in Washington where he is participating in the annual meeting of the IMF (International Monetary Fund) and the World Bank.

A reserve of R$2,5 billion (US$ 770 million) was also set aside in next year's budget for payment of these obligations.

An additional decision was made to remove Brazil from six international organizations, among them the International Black Pepper Community. The same thing could take place with other organizations.

Beyond participating in meetings of the IMF and other multilateral institutions, Oliveira will hold a meeting with investors to present the government's plan for public concessions privatization.

After running the risk of Brazil losing its voting rights in certain international institutions due to overdue debts, the minister expects that the situation will be normalized this year.

Based upon a list put together by the Planning Ministry at the request of Itamaraty (Ministry of Foreign Affairs) that Folha had access to in July, there are 34 organizations that Brazil could leave in order to cut such expenses.

Among them are some important regional forums, like the Intergovernmental Commission of the Countries of the Silver Basin, and environmentally relevant ones like the International Whaling Commission.

Translated by LLOYD HARDER

Read the article in the original language