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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