Brazil has formally asked the IMF for...

Brazil has formally asked the IMF for a $1.436-billion loan and presented its economic program to the fund, government officials said. The loan request, delivered in a letter to IMF Director Michel Camdessus, was the first such document sent by Brazil to the International Monetary Fund since President Jose Sarney came to power in 1985. Brazilian officials stressed that the letter to Camdessus was a “letter of communication,” not a “letter of intent” such as the ones Brazil’s previous military regime signed with the IMF. The program’s goals, stated in the letter, are “to avoid acceleration of the inflationary process, create conditions for reducing inflation, restore economic growth on a sustainable basis, reduce disparities in income distribution and keep a vigorous performance in the foreign area.” Gartenkraut said Brazil was seeking the first $300-million installment of the $1.436-billion standby loan by Aug. 15.