Brazil May Invest More in Social Projects

[Judi Lynn]

Brazil May Invest More in Social Projects
01.16.2006, 05:35 PM

Brazilian president Luiz Inacio Lula da Silva on Monday said that by settling its debt with the International Monetary Fund, Brazil will be able to substantially increase its investments in social projects.

"The millions and millions of dollars saved in interest payments will be invested in education, health and in highways," Silva said in a speech broadcast nationwide.

In December, Brazil paid off its full US$15.5 billion (euro13 billion) debt, the largest payment ever made by a member country to the IMF.

Brazil ended its loan program with the IMF in March after taking more than $40 billion in loans from the fund over a seven-year period beginning in 1998.
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http://www.forbes.com/entrepreneurs/feeds/ap/2006/01/16/ap2452864.html

[killbotfactory]

1. Grover Norquist is rolling in his grave...

oh wait, he's not dead yet. damn.

[Judi Lynn]

2. His vision of a neo-con world may be, if we're lucky!

[mom cat]

3. Great photo. Thanks for all your articles on Latin America. I

appreciate the work that you do to keep Latin American issues on the table here....K&R