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Business & Banking

Nov 1, 2001

Brazil to Borrow Less
Brazil's Finance Minister Pedro Malan has said he will reduce the country's borrowing on international bond markets to $5 billion next year. Brazil raised $6.68 billion this year, but has not issued any bonds since July. Malan expects the markets to recover by the first half of 2002. ``I am confident there will be better conditions than this year. In the second quarter, there will be an improvement in the situation,'' Malan said. Brazil needs to raise about $48 billion in fresh capital next year to refinance maturing debt and replenish its reserves. The central bank has lost $9 billion from its reserves this year. The government hopes to cover part of its financing needs with $17 billion in foreign direct investments and $15 billion in loans from multilateral institutions.

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management