Brasília - On Friday the International Monetary Fund approved the third revision of its September 2002 agreement with Brazil. Minister of Finance, Antonion Palocci, then announced that the country would withdraw the US$4 billion it has a right to within the next few days. The amount is the next to last tranche of the US$30 billion agreement.

Palocci said that in his opinion Brazil will reach a point of balance in its accounts by the end of the Lula government which will make it possible to decline further IMF funding and walk on its own feet. "I am confident that during this administration we will reach a point where we can undertake economic policy without the need for financial support from the IMF," declared the minister.

"The approval of the agreement once again by the IMF shows that Brazil is improving. The role of the IMF is to assist countries that really need funds to balance their accounts," said Palocci. (AB)