BRASILIA, Brazil, April 29 (UPI) -- Brazil is working to wean itself off loans from the IMF, President Luiz Inacio Lula da Silva said Friday in his first news conference.
"Dependency on the IMF should be history," said Lula in his first pre-scheduled address to the media since he assumed office in January 2003.
The left-leaning Brazilian leader has mentioned before that Brazil would not continue its deal with the IMF. However, Lula has left the door open for Brazil to draw funds in an emergency.
The president emphasized that he was working for Brazil's complete independence so that the nation might "become an economic heavyweight in the 21st century."
Brazil posted record exports in 2004 and economic growth over 5 percent. Still, investors both at home and abroad are balking at Brazil's high interest rates, which the Central Bank recently raised to 19.5 percent.
