8/8/2014, Pragmatismo Político − 247
Traduzido ao inglês por John Catalinotto, para Vila Vudu
|Após ter feito dois empréstimos no Fundo Monetário Internacional, em 1998 e 2001, ultrapassando em 400% a cota do Brasil na instituição, mais uma vez, em agosto de 2002, governo FHC precisou contar com recursos do FMI (Reprodução/Folhapress)|
It has been 12 years since the last time that Brazil had to resort to the International Monetary Fund. Under the management of Finance Minister Pedro Malan in the government of Fernando Henrique Cardoso, the country officially announced on Aug. 8, 2002, that it had just signed a package for a US$ 30 billion loan from the fund. It was not the first time in that administration. On Nov. 11, 1998, also under FHC-Malan, Brazil struck a deal to be able to take from the Fund the trifle of US$ 20 billion during the three years following its signing.
Another US$ 32 billion was available to be withdrawn in 1999. Though it was due to end in November 2001, the government extended its agreement with the IMF on the eve of its closure. In that way, the country borrowed another US$ 15 billion, paying interest rates of 4.5 percent for 25 percent of that money and a strong 7.5 percent for the remainder. By then, Brazil had availed itself of an amount equivalent to 400 percent of its share in the IMF itself.
Still, all loans from the Fund proved to the economic team that they were insufficient to ensure economic stability to the country. In June 2002, for example, there was a withdrawal of $10 billion from the Fund, beyond establishing a reduction of guarantees of reserves to be presented by Brazil.
Instead of needing a minimum of US$ 20 billion in cash on hand before borrowing, this was reduced to US$ 15 billion in order to facilitate new business. The dependence on the Fund's resources was explicit.
In August 2002, a final line of credit was taken, for US$ 30 billion, completing the third round of the country going to the IMF in two years of Fernando Henrique’s management as president and Pedro Malan as finance minister. Obtaining this money was presented as a necessity due to volatility magnified by the electoral contest that year, between Lula da Silva of the Workers Party (PT) and José Serra of the Brazilian Social-Democratic Party (PSDB). Soon after the signing, Brazil had to make a new withdrawal of billions.
Under the Lula government in April 2003, Brazil paid US$ 4.2 billion to the IMF, adding a portion of the discharge of resources taken in the previous year. After this movement, the country did not have to resort again to using the IMF. Quite the contrary, on precisely Oct. 6, 2009, Finance Minister Guido Mantega and the then managing director of the Fund, Dominique Strauss-Kahn, announced an important switch in bargaining positions.
Now it was Brazil that loaned US$ 10 billion to the Fund. By then, the Brazilian international reserves had already reached the sum of US$ 220 billion. In 2011, already under the government of President Dilma Rousseff, Brazil was again sought by the Fund to be on standby in relation to the need for a new loan, again, at the request of the IMF.
Twelve years after the last trip to the Fund, the country has a position considered quite solid in terms of international reserves. With all obligations paid to the IMF, Brazil had, on Aug. 6, a total of US$ 379.44 billion in reserves.
This sum rules out any conclusions that there could possibly be a request for help to close accounts, as happened on the eve of the last trip to the Fund.