Brazil won't renew accord with IMF

BRASILIA, Brazil, March 28 (UPI) -- Brazil will not renew its accord with the International Monetary Fund, Minister of Finance Antonio Palocci said Monday

Palocci told reporters he had already informed the IMF of Brazil's decision.

The current accord that is set to expire March 31 was for $41.75 billion in September 2002.

In December President Luiz Inacio Lula da Silva told reporters that the country was in a "comfortable position" regarding the economy.

Brazil's economy grew by more than 5 percent in 2004 after a dismal 2003 in which it shrunk by 0.2 percent.