Brazil chose not to renew its loan program with the International Monetary Fund (IMF) when it expired at the end of March, a decision fully endorsed by IMF managing director Rodrigo Rato.
“The decision by the authorities reflects the impressive results, generally ahead of expectations, of Brazil's macroeconomic stabilization and reform policies that have been supported by the current arrangement,” Rato said in a statement.
U.S. Treasury Secretary John Snow also endorsed the move and hailed Brazil for the accomplishment.
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