The House of Representatives analyzes the Bill 7675/10, from the Executive, which authorizes the Federal Government to manage Brazil’s resources in accounts of International Monetary Fund (FMI), including to contribute with initiatives for the financial relief of other member-countries’ debts.

As a justification, the government clarifies that Brazil’s situation at IMF has been, since 2005, as a non-debtor and, because of it, the nation could help with its right resources in the Fund initiatives along with countries in need. However, it is necessary a Congress authorization for this kind of initiative.

In the example given by the government, Brazil could withdraw resources from the contingency account, called SCA-1, which is a guarantee for loans. The account has been established with the objective to protect the Fund from risks at payment delay of granted loans, the same of an allowance account for doubtful accounts.

Nowadays, IMF has studied how to use these resources from several countries to cancel Liberia’s debts, a country of West Africa. However, the Finance Minister, at the condition of Brazil’s representative governor at IMF, could only say that the Country has the intention of helping, without any power to release the resources. Ultimately, as the cancellation will be resource donation for Liberia, the government needs that authorization.

The Project will be examined by the Commission on Foreign Affairs and National Defense; Finance and Taxation; and Constitution and Justice and Citizenship.