IMF approves $4.1 bln payment to Brazil

www.forbes.com Reuters, 03.14.03, 6:01 PM ET

WASHINGTON, March 14 (Reuters) - The International Monetary Fund on Friday gave Brazilian President Luiz Inacio Lula da Silva its strongest endorsement yet, approving a $4.1 billion payment under the nation's $31.4 billion loan. The approval of the payment, the first since Lula took office in January, affirms the IMF's support of the new president's economic policies. Brazil won the massive bailout last September to allay investors' fears that, if Lula were elected president, he might abandon economic reforms.