Nelson Motta
Reporter -- Agência Brasil

Brasília – Commenting on the government decision not to renew the Stand-By Arrangement with the International Monetary Fund (IMF), President Luiz Inácio Lula da Silva said Monday (28) that Brazil has conquered the right to "walk on its own." According to the President, everyone should reflect on what is happening in Brazil at this moment.

"Today, when communicating to the IMF that we will not renew the arrangement, we do it with the serenity and tranquility of a government that has conquered, with the sacrifice of all the Brazilian people, the right to walk on its own," said Lula, during a ceremony at the Planalto Palace.

Brazil’s Stand-By Arrangement will expire next March 31st. In the past 15 months, the country has not made any withdrawals from the US$41 billion available. Since 2002, when the Arrangement was signed, Brazil has withdrawn only US$26.3 billion to strengthen its international reserves.

Translation: Andréa Alves