World Bank Approves 412.84 Million Dollars in Loans to BrazilThe World Bank on Thursday approved two loans totaling 412.84 million US dollars to support Brazil's financial and fiscal reforms.The Programmatic Financial Sector Adjustment Loan, amounting to 404.04 million dollars, is the first of a possible series of loans to help Brazil's broad-based financial sector reform program to underpin economic growth, contribute to poverty reduction in the long run, and avoid their reversal through financial crisis prevention, the bank said. The program's goals and outcomes include: rationalization of financial regulation; broadened access to financial services, especially for the poor; increased efficiency and depth of financial intermediation; banking soundness of both public and private banks; and deeper securities markets. Another loan, the 8.8-million-dollar Fiscal and Financial Management Technical Assistance Loan, will assist the government of Brazil in establishing and modernizing fiscal and financial management tools to implement the fiscal reform program. The fiscal reform program aims to: refine and strengthen the federal multi-annual expenditure framework; upgrade federal debt management including strengthening of institutions, systems and guidelines; implement the Fiscal Responsibility Law and companion legislation; and support the upgrading of the core federal financial management information system. |
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