U.S. Joins Latin America Aid Effort
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The Clinton administration is helping put together a $30-billion international aid package to help Brazil and other Latin American nations survive the turmoil in global financial markets, the New York Times reported today.
The package would include direct aid and loan guarantees from individual nations and world organizations, the Times quoted U.S. and foreign officials as saying.
Congressional leaders have been alerted that the Clinton administration would likely act on it while Congress is out of session.
The House and Senate recessed for the year last week after approving the administration’s request for $18 billion for the International Monetary Fund, the global agency of last resort.
The newspaper quoted officials as saying that the IMF would contribute at least $15 billion to the package, with $9 more billion coming from the World Bank and the Inter-American Development Bank, and the remainder from the United States and other major industrialized nations.
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