Brazil and Russia are set to unload US Treasury bonds as they acquire $10 billion each of new International Monetary Fund (IMF) securities designed to bolster the institution's aid programs, officials in the countries said Wednesday. The moves are part of a bid by the so-called BRIC nations -- Brazil, Russia, India and China -- to play a bigger role at the IMF and other international institutions...." [The Wall Street Journal/Factiva]
Xinhua writes that "...Brazilian Finance Minister Guido Mantega...said the [IMF] loan will be made in the form of bonds, thus it will not affect Brazil's foreign exchange reserves, which currently total about $200 billion. With the loan, Brazil will join the group of 47 countries which regularly finance the IMF's operations. 'In the past, the IMF helped Brazil. Now, Brazil will loan to the IMF to make the international trade viable,' Mantega said...." [Xinhua/Factiva]
AFP adds that "...IMF Managing Director Dominique Strauss-Kahn welcomed the move, saying 'Brazil once more reaffirms its strong role as a leading emerging market economy.' He added, in a statement: 'The Brazilian authorities have shown great leadership and engagement in the whole process of IMF reform and expansion of our funding, and I am pleased that Brazil is clearly showing its strong support to the international economic and financial system.'..." [Agence France Presse/Factiva]
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