IMF lauds Brazil's economic progress

WASHINGTON, Sept. 23 (UPI) -- The Brazilian economic performance is exceeding expectations, the International Monetary Fund's spokesman said Thursday.

"Brazil is exceeding just about everyone's expectations," which has allowed the country to withdraw more funds from the IMF, the agency's external affairs director Thomas Dawson said at a press briefing.

Late Wednesday, the IMF approved the eighth part of Brazil's loan from the agency, allowing the country to withdraw about $1.3 billion of a $40 billion loan. So far, the country has accessed about $25 billion, and Brazil will be eligible for two more withdrawals before the loan availability expires in March 2005.