Latinnews Daily - 16 December 2003

The IMF board formally approved an extension of 15 months and an increase of US$6.6bn in the contingency programme for Brazil. The decision was taken on Friday and announced yesterday, 15 December. The original IMF deal, for US$30bn, was done in September 2002. Simultaneously, the IMF completed and approved its fifth and final assessment under the existing programme. This approval meant that Brazil immediately became eligible for US$8.2bn. The IMF has also eased the repayment terms on the money Brazil has drawn down under the programme.