‘Historic day’ boosts Brazilian property owners
Brazil has turned from a debtor to a creditor of the International Monetary Fund (IMF), in a move which will be good news for Brazil real estate owners.
Finance minister Guido Mantega confirmed that the South American nation had decided to buy £6 billion worth of IMF notes nominated in special drawing rights.
"This is historic, it is a radical change. Brazil no longer is a debtor nation, we are now creditors of the IMF," he added.
Mr Mantega said that it had made the decision "as a way to contribute to ensuring the necessary means to effectively respond to the ongoing financial crisis".
The move is further evidence of how the country’s economy has improved over the past decade, which has seen it become one of the few countries to recover from the recession.
Only last week, Brazil property owners were told that financial analysts had improved their predictions for growth in the country next year.
Over the past month, projections for the gross domestic product of Brazil in 2010 have risen from four per cent to 4.5 per cent.
