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Brazilian foreign debt totaled US$ 174.560 billion at the end of October which represents a US$ 13.7 billion increase, 8.5%, over September reported Monday, November 20, Brazil's Central Bank.
Brazilian financial authorities said the increase can be attributed to a US$ 13.7 billion US dollars loan for a Brazilian company involved in "a direct investment overseas", but no names were made public. Medium and long term debt in October was US$ 155.189 billion compared to US$ 141.379 the previous month. Short term debt remained virtually unchanged in the range of US$ 19.5 billion. These numbers do not include multinational corporation loans to its affiliates in Brazil which totaled US$ 22.845 billion in October. In related news the Central Bank reported that leading companies from the private sector cut the country's growth estimate for the second month running to 2.95%. Estimates have been sliding since August peak of 3.6%. However for 2007 the forecast remains unchanged at 3.5%. Brazilian President, Luiz Inácio Lula da Silva who was re-elected last October has promised annual growth of 5% for his second mandate of four years which begins next January. In 2005 GDP in Brazil expanded 2.3%. For the fourth week running private sector estimates that 2006 inflation will be above 3%, from 2.8% a few months ago. However this is in range with the government's target of 4.5%. Mercopress
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For 2006 he promised 5 % + ! Results : 2,95 % at best ! FAILED OR LIED ?
For 2007 he promises 5 % + ! Will see if he fails or lies again, because the economists have an average estimate for 3,5 %.
Sadly enough all this poor performance was despite a reduction in interests rates !
Sadly enough again, for a second year in a row, Brazil will have the World lowest economic growth rate of all developing nations, and the second worst growth rate of ALL Latam and Caribean countries.....after Haïti....which is not even a developing country but a LDC, the poorest country in the western hemisphere !
What a pity....performance ! Nothing to be proud of....despite the idiot or liar Mantega with his still 4 % growth rate estimate for 2006 !
Fairy tales will remain Fairy tales and facts will remain facts !
But lying has been the daily life....of this government !