Bloomberg News

Brazil Won’t Pledge Extra Funds for IMF During Lagarde’s Visit

November 30, 2011

Nov. 30 (Bloomberg) -- Brazil won’t pledge extra resources for the International Monetary Fund during the visit tomorrow of the organization’s managing director, Christine Lagarde, said Carlos Cozendey, a Finance Ministry official.

“I don’t expect any announcement to help the IMF because this is a matter for the next G-20 ministerial meeting scheduled for February,” Cozendey, the international affairs secretary, told reporters in Brasilia today.

Lagarde and Brazilian Finance Minister Guido Mantega will discuss the international situation, the debt crisis in Europe and how the IMF may help European nations, Cozendey said. They will also debate the quotas system, which determines how much clout a country has in the Washington-based organization.

Bilateral loans to the IMF are the best way to help Europe through the organization, Cozendey said. This proposal was discussed in November at the G-20 summit.

“This is the fastest way to help these countries,” Cozendey said.

--Editors: Philip Sanders, Harry Maurer

To contact the reporters on this story: Arnaldo Galvao in Brasilia at agalvao1@bloomberg.net;

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.


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