Brazil pledged to buy 10 billion dollars’ (6.8 billion euros’) worth of International Monetary Fund bonds to increase the fund’s lending capacity to respond to the global financial crisis.
It was the first time that Brazil, Latin America’s economic giant, has lent money to the IMF.
Brazilian Finance Minister Guido Mantega confirmed his government’s decision in June to purchase the new IMF bonds and said that the bilateral arrangements for the purchase were nearly concluded to “provide substantial immediate financing to the fund.”