IMF set to announce details of new rescue package for Brazil

IMF set to announce details of new rescue package for Brazil

THE INTERNATIONAL Monetary Fund is expected to announce details of its renegotiated rescue package for Brazil within the next few days. An initial $9bn loan from a total of $41.5bn failed to prevent the devaluation of its currency, the real, in January. The currency has since lost 40 per cent of its value against the dollar. The new agreement, likely to involve additional tax increases and government spending cuts, should allow the release of a further tranche of the loan by the end of the month