Brasília, 10/31/2003 (Agência Brasil - ABr) - The head of the secretariat of the National Treasury (which is housed in the Ministry of Finance), Joaquim Levy, says that any new IMF - Brazil loan agreement will not reach US$20 billion. "We simply do not need that much," declared Levy, explaining that although no exact sums have been put on the table yet in the talks between Brazil and the fund, with Brazilian reserves at a comfortable level there is no need for a big loan. Levy pointed out that at the moment IMF funds account for US$30 billion of the country's reserves [at the end of September, Brazil's international reserves were slightly over US$52 billion].

Levy also pointed that Brazil's balance of payments is balanced, calling that "an extremely significant fact." In conclusion Levy explained that IMF - Brazil talks are now focused on how the country will grow, with renewed growth expected for the end of this year and estimates of growth for next year running at 3.5%. (AB)