BRASILIA : U.S. Buoy For Brazil
As Brazilian President Fernando Collor de Mello’s sweeping program to reform Latin America’s largest economy enters a critical make-or-break period, U.S. Undersecretary of the Treasury for International Affairs David Mulford is scheduled to arrive in the capital to talk strategy.
Mulford will be especially interested to hear about plans for renewing payments on the country’s $115-billion foreign debt, which have been frozen for more than a year. Brazil’s chief debt negotiator says it wants to pay off $7 billion by year-end, but that could further pinch the country’s already hard-pressed economy.
Monthly inflation, meanwhile, is expected to drop into single digits this month, but the rate remains worrisome to Brazilian business executives.
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