Comment: Brazil's surprise IMF settlement

Earlier this week Brazil announced that it plans to pay off its entire $15.5 billion in debt to the IMF by the end of the month. In doing so, the country will meet its outstanding IMF obligations two years ahead of schedule.

COMMENT BY CENTRALBANKNET

According to the finance minister, Antonio Palocci, the earlier payment will save the country more than $900m in interest costs.

Brazil had been expected to repay around $7 billion of its debts to the IMF next year and the remainder in 2007.

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