115-811: The Enhanced Structural Adjustment Facility (ESAF) was a program of financial assistance given to poor countries from December 1987 through 1999 through the International Monetary Fund . It replaced the Structural Adjustment Facility (SAF) and was itself replaced by the Poverty Reduction and Growth Facility (PRGF). During the program's tenure, approximately 10.1 billion dollars were disbursed, through low interest (.5 % annual) loans payable after 5½ years, and due in 10 years. International Monetary Fund The International Monetary Fund ( IMF )
230-736: A colony . In 1815, to justify continuing to live in Brazil, where the royal court had thrived for six years, the Crown established the United Kingdom of Portugal, Brazil and the Algarves , thus creating a pluricontinental transatlantic monarchic state. However, the leadership in Portugal, resentful of the new status of its larger colony, continued to demand the return of the court to Lisbon (see Liberal Revolution of 1820 ). In 1821, acceding to
345-539: A vast tropical forest home to diverse wildlife , a variety of ecological systems , and extensive natural resources spanning numerous protected habitats . This unique environmental heritage positions Brazil at number one of 17 megadiverse countries . The country's natural richness is also the subject of significant global interest, as environmental degradation (through processes such as deforestation ) has direct impacts on global issues such as climate change and biodiversity loss . The territory of present-day Brazil
460-434: A January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument." At
575-483: A broader focus of promoting market-liberalizing reforms through structural adjustment programs. This shift occurred without a formal renegotiation of the organization's charter or operational guidelines. The Ronald Reagan administration , in particular Treasury Secretary James Baker , his assistant secretary David Mulford and deputy assistant secretary Charles Dallara , pressured the IMF to attach market-liberal reforms to
690-532: A central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. The current managing director (MD) and chairperson of
805-872: A charismatic figure who could represent a moderate face of power, during this period a series of localized rebellions took place, such as the Cabanagem in Grão-Pará , the Malê Revolt in Salvador, the Balaiada ( Maranhão ), the Sabinada ( Bahia ), and the Ragamuffin War , which began in Rio Grande do Sul and was supported by Giuseppe Garibaldi . These emerged from the provinces' dissatisfaction with
920-483: A colony. The Brazilians refused to yield, and Prince Pedro decided to stand with them, declaring the country's independence from Portugal on 7 September 1822. A month later, Prince Pedro was declared the first Emperor of Brazil , with the royal title of Dom Pedro I , resulting in the founding of the Empire of Brazil . The Brazilian War of Independence , which had already begun along this process, spread through
1035-837: A dense and complex system of rivers, one of the world's most extensive, with eight major drainage basins, all of which drain into the Atlantic. Major rivers include the Amazon (the world's second-longest river and the largest in terms of volume of water), the Paraná and its major tributary the Iguaçu (which includes the Iguazu Falls ), the Negro , São Francisco , Xingu , Madeira and Tapajós rivers. The wildlife of Brazil comprises all naturally occurring animals , plants , and fungi in
1150-504: A full dictatorship with the promulgation of the Fifth Institutional Act in 1968. Oppression was not limited to those who resorted to guerrilla tactics to fight the regime, but also reached institutional opponents, artists, journalists and other members of civil society, inside and outside the country through the infamous " Operation Condor ". Like other brutal authoritarian regimes , due to an economic boom, known as
1265-427: A higher altitude. In the interior northeast, seasonal rainfall is even more extreme. South of Bahia, near the coasts, and more southerly most of the state of São Paulo, the distribution of rainfall changes, with rain falling throughout the year. The south enjoys subtropical conditions, with cool winters and average annual temperatures not exceeding 18 °C (64.4 °F); winter frosts and snowfall are not rare in
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#17327650276031380-430: A military coup d'état . An authoritarian military dictatorship emerged in 1964 and ruled until 1985, after which civilian governance resumed. Brazil's current constitution , formulated in 1988, defines it as a democratic federal republic . Due to its rich culture and history, the country ranks thirteenth in the world by number of UNESCO World Heritage Sites . Brazil is a regional and middle power that
1495-523: A military one , did civilians take power, remaining there until October 1930. In relation to its foreign policy, the country in this first republican period maintained a relative balance characterized by a success in resolving border disputes with neighboring countries, only broken by the Acre War (1899–1902) and its involvement in World War I (1914–1918), followed by a failed attempt to exert
1610-420: A number of oceanic archipelagos , such as Fernando de Noronha , Rocas Atoll , Saint Peter and Paul Rocks , and Trindade and Martim Vaz . Its size, relief, climate, and natural resources make Brazil geographically diverse. Including its Atlantic islands, Brazil lies between latitudes 6°N and 34°S , and longitudes 28° and 74°W . Brazil is the fifth largest country in the world, and third largest in
1725-410: A political crisis, after having returned to power by election in 1950. Several brief interim governments followed Vargas's suicide. Juscelino Kubitschek became president in 1956 and assumed a conciliatory posture towards the political opposition that allowed him to govern without major crises. The economy and industrial sector grew remarkably, but his greatest achievement was the construction of
1840-487: A position of oversight of only exchange rates, their function became one of surveillance of the overall macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality , which was established in the 1950s. Low-income countries can borrow on concessional terms , which means there
1955-530: A prominent role in the League of Nations ; Internally, from the crisis of Encilhamento and the Navy Revolts , a prolonged cycle of financial, political and social instability began until the 1920s, keeping the country besieged by various rebellions, both civilian and military. Little by little, a cycle of general instability sparked by these crises undermined the regime to such an extent that in
2070-503: A year and is responsible for electing or appointing an executive director to the executive board. While the board of governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's executive board. The board of governors
2185-641: Is a major financial agency of the United Nations , and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability . Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around
2300-933: Is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via
2415-631: Is advised by the International Monetary and Financial Committee and the Development Committee. The International Monetary and Financial Committee has 24 members and monitors developments in global liquidity and the transfer of resources to developing countries . The Development Committee has 25 members and advises on critical development issues and on financial resources required to promote economic development in developing countries. Brazil Brazil , officially
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#17327650276032530-675: Is an emerging power and a major non-NATO ally of the United States . Categorized as a developing country , Brazil is considered an advanced emerging economy , having the one of the-largest GDP in the world in both nominal and PPP terms—the largest in Latin America and the Southern Hemisphere . Classified as an upper-middle income economy by the World Bank , and a newly industrialized country by
2645-530: Is an official language . Brazil is among the world's most multicultural and ethnically diverse nations, due to over a century of mass immigration from around the world . Bounded by the Atlantic Ocean on the east, Brazil has a coastline of 7,491 kilometers (4,655 mi). Covering roughly half of South America's land area, it borders all other countries and territories on the continent except Ecuador and Chile . Brazil's Amazon basin includes
2760-487: Is no real dry season , but there are some variations in the period of the year when most rain falls. Temperatures average 25 °C (77 °F), with more significant temperature variation between night and day than between seasons. Over central Brazil, rainfall is more seasonal, characteristic of a savanna climate. This region is as extensive as the Amazon basin but has a very different climate as it lies farther south at
2875-441: Is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences. The IMF provides alternate sources of financing such as
2990-520: The COVID-19 pandemic . This was in addition to the $ 50 billion fund it had announced two weeks earlier, of which $ 5 billion had already been requested by Iran . One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund. It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus. On 13 April 2020,
3105-793: The Cold War limited the Fund's membership, with most countries in the Soviet sphere of influence not joining until 1970s and 1980s. The Bretton Woods exchange rate system prevailed until 1971 when the United States government suspended the convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon Shock . The changes to the IMF articles of agreement reflecting these changes were ratified in 1976 by
3220-658: The Federative Republic of Brazil , is the largest and easternmost country in South America and Latin America . It is the world's fifth-largest country by area and one of the most populated countries . Its capital is Brasília , and its most populous city is São Paulo . Brazil is a federation composed of 26 states and a Federal District . It is the only country in the Americas where Portuguese
3335-691: The G20 , BRICS , G4 , Mercosul , Organization of American States , Organization of Ibero-American States , and the Community of Portuguese Language Countries , and also an observer state of the Arab League . The word Brazil probably comes from the Portuguese word for brazilwood , a tree that once grew plentifully along the Brazilian coast. In Portuguese, brazilwood is called pau-brasil , with
3450-708: The Great Depression , countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New Hampshire , in
3565-522: The IMF , Brazil has the largest share of wealth and the most complex economy in South America. It is also one of the world's major breadbaskets , being the largest producer of coffee for the last 150 years. Despite its growing economic and global profile, the country continues to face high levels of corruption , crime and social inequality . Brazil is a founding member of the United Nations ,
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3680-494: The Jamaica Accords . Later in the 1970s, large commercial banks began lending to states because they were awash in cash deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the 1980s after a world recession provoked a crisis that brought the IMF back into global financial governance. In the mid-1980s, the IMF shifted its narrow focus from currency stabilization to
3795-884: The Mantiqueira and Espinhaço mountains and the Serra do Mar . In the north, the Guiana Highlands form a major drainage divide, separating rivers that flow south into the Amazon Basin from rivers that empty into the Orinoco River system, in Venezuela, to the north. The highest point in Brazil is the Pico da Neblina at 2,994 meters (9,823 ft), and the lowest is the Atlantic Ocean. Brazil has
3910-542: The Petrobras corruption scandal . President Temer himself was also accused of corruption . According to a 2018 poll, 62% of the population said that corruption was Brazil's biggest problem. In the fiercely disputed 2018 elections , the controversial conservative candidate Jair Bolsonaro of the Social Liberal Party (PSL) was elected president, winning in the second round against Fernando Haddad , of
4025-495: The Poverty Reduction and Growth Facility . Upon the founding of the IMF, its three primary functions were: The IMF's role was fundamentally altered by the floating exchange rates after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government policy would ensure economic recovery. A particular concern of
4140-632: The Quilombo of Palmares , and to repress all movements for autonomy or independence , such as the Minas Gerais Conspiracy . In late 1807, Spanish and Napoleonic forces threatened the security of continental Portugal , causing Prince Regent John , in the name of Queen Maria I , to move the royal court from Lisbon to Rio de Janeiro . There they established some of Brazil's first financial institutions, such as its local stock exchanges and its National Bank , additionally ending
4255-491: The South American country. Home to 60% of the Amazon rainforest , which accounts for approximately one-tenth of all species in the world, Brazil is considered to have the greatest biodiversity of any country on the planet, containing over 70% of all animal and plant species catalogued. Brazil has the most known species of plants (55,000), freshwater fish (3,000) and mammals (over 689). It also ranks third on
4370-830: The Special Data Dissemination Standard (SDDS). The executive board approved the SDDS and GDDS in 1996 and 1997, respectively, and subsequent amendments were published in a revised Guide to the General Data Dissemination System . The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals (MDG) and Poverty Reduction Strategic Papers (PRSPs) . The primary objective of
4485-642: The Tupis , Guaranis , Gês , and Arawaks ). The Tupi people were subdivided into the Tupiniquins and Tupinambás . Before the arrival of the Europeans, the boundaries between these groups and their subgroups were marked by wars that arose from differences in culture, language and moral beliefs. These wars also involved large-scale military actions on land and water, with cannibalistic rituals on prisoners of war . While heredity had some weight, leadership
4600-478: The Workers Party (PT), with the support of 55.13% of the valid votes. In the early 2020s, Brazil became one of the hardest hit countries during the COVID-19 pandemic , receiving the second-highest death toll worldwide after the United States. In May 2021, Luiz Inácio Lula da Silva stated that he would run for a third term in the 2022 Brazilian general election against Bolsonaro. In October 2022, Lula
4715-458: The first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut , to the chagrin of
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4830-453: The " economic miracle ", the regime reached a peak in popularity in the early 1970s. Slowly, however, the wear and tear of years of dictatorial power had not slowed the repression, even after the defeat of the leftist guerrillas. The inability to deal with the economic crises of the period and popular pressure made an opening policy inevitable, which from the regime side was led by Generals Ernesto Geisel and Golbery do Couto e Silva . With
4945-489: The "Land of Brazil" ( Terra do Brasil ) because of the brazilwood trade. The popular appellation eclipsed and eventually supplanted the official Portuguese name. Some early sailors called it the "Land of Parrots". In the Guaraní language , an official language of Paraguay , Brazil is called "Pindorama", meaning 'land of the palm trees'. Some of the earliest human remains found in the Americas , Luzia Woman , were found in
5060-503: The 16th century, massive amounts of brazilwood were harvested by indigenous peoples (mostly Tupi ) along the Brazilian coast, who sold the timber to European traders (mostly Portuguese, but also French) in return for assorted European consumer goods. The official Portuguese name of the land, in original Portuguese records, was the "Land of the Holy Cross" ( Terra da Santa Cruz ), but European sailors and merchants commonly called it
5175-415: The 1930s . The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it. The IMF was one of the key organizations of the international economic system; its design allowed
5290-634: The 1930s, three attempts to remove Vargas and his supporters from power failed. The first was the Constitutionalist Revolution in 1932, led by São Paulo's oligarchy . The second was a Communist uprising in November 1935, and the last one a putsch attempt by local fascists in May 1938. The 1935 uprising created a security crisis in which Congress transferred more power to the executive branch. The 1937 coup d'état resulted in
5405-428: The 1940s and 1950s, and the recruitment of staff exposed to new thinking in economics. The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great depression ) and Uruguay (after the 2002 Uruguay banking crisis ). However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s. In May 2010, the IMF participated, in 3:11 proportion, in
5520-489: The Algarves . Independence was achieved in 1822 with the creation of the Empire of Brazil , a unitary state governed under a constitutional monarchy and a parliamentary system . The ratification of the first constitution in 1824 led to the formation of a bicameral legislature, now called the National Congress . Slavery was abolished in 1888. The country became a presidential republic in 1889 following
5635-490: The Amazon delta from AD 400 to 1400, developing sophisticated pottery, social stratification , large populations, mound building , and complex social formations such as chiefdoms . Around the time of the Portuguese arrival, the territory of current day Brazil had an estimated indigenous population of 7 million people, mostly semi-nomadic, who subsisted on hunting, fishing, gathering, and migrant agriculture. The population comprised several large indigenous ethnic groups (e.g.,
5750-542: The Americas, with a total area of 8,515,767.049 km (3,287,956 sq mi), including 55,455 km (21,411 sq mi) of water. North to South, Brazil is also the longest country in the world, spanning 4,395 km (2,731 mi) from north to south, and the only country in the world that has the equator and the Tropic of Capricorn running through it. It spans four time zones ; from UTC−5 comprising
5865-443: The Brazilian economy. Cardoso won the 1994 election , and again in 1998 . The peaceful transition of power from Cardoso to his main opposition leader, Luiz Inácio Lula da Silva ( elected in 2002 and re-elected in 2006 ), was seen as proof that Brazil had achieved a long-sought political stability. However, sparked by indignation and frustrations accumulated over decades from corruption, police brutality , inefficiencies of
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#17327650276035980-412: The Code of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for funding. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with
6095-416: The GDDS is to encourage member countries to build a framework to improve data quality and statistical capacity building to evaluate statistical needs, set priorities in improving timeliness, transparency , reliability, and accessibility of financial and economic data. Some countries initially used the GDDS, but later upgraded to SDDS. Some entities that are not IMF members also contribute statistical data to
6210-411: The IMF in 1980 after losing the support of the then United States President Jimmy Carter and was replaced by the People's Republic of China . However, "Taiwan Province of China" is still listed in the official IMF indices. Poland withdrew in 1950—allegedly pressured by the Soviet Union —but returned in 1986. The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and
6325-609: The IMF is Bulgarian economist Kristalina Georgieva , who has held the post since 1 October 2019. Indian-American economist Gita Gopinath , previously the chief economist, was appointed as first deputy managing director, effective 21 January 2022. Pierre-Olivier Gourinchas was appointed chief economist on 24 January 2022. According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing to its members. It also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The rationale for this
6440-425: The IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for XDR 23.8 billion and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122 billion to €66 billion. As of January 2012 ,
6555-452: The IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust (CCRT)" programme. Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under
6670-485: The IMF was to prevent financial crises, such as those in Mexico in 1982, Brazil in 1987, the 1997 Asian financial crisis , and the 1998 Russian financial crisis , from spreading and threatening the entire global financial and currency system. The challenge was to promote and implement a policy that reduced the frequency of crises among emerging market countries, especially the middle-income countries which are vulnerable to massive capital outflows. Rather than maintaining
6785-551: The IMF's agreement. Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The board of governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once
6900-475: The Portuguese had to fight, notably the French in Rio during the 1560s , in Maranhão during the 1610s , and the Dutch in Bahia and Pernambuco , during the Dutch–Portuguese War , after the end of Iberian Union . The Portuguese colonial administration in Brazil had two objectives that would ensure colonial order and the monopoly of Portugal's wealthiest and largest colony: to keep under control and eradicate all forms of slave rebellion and resistance, such as
7015-415: The Portuguese monopoly on Brazilian trade and opening Brazil's ports to other nations. In 1809, in retaliation for being forced into exile, the Prince Regent ordered the conquest of French Guiana . With the end of the Peninsular War in 1814, the courts of Europe demanded that Queen Maria I and Prince Regent John return to Portugal, deeming it unfit for the head of an ancient European monarchy to reside in
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#17327650276037130-409: The Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs. The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. Accurate estimations require a degree of participatory surveillance. Market sizes and economic facts are estimated using member-state data, shared and verifiable by
7245-434: The Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou ) ruling out a haircut. A second bailout package of more than €100 billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called Troika , of which
7360-405: The United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe. There were two views on the role the IMF should assume as a global economic institution. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into
7475-416: The almost-unknown Fernando Collor , who was subsequently impeached by the National Congress in 1992. Collor was succeeded by his vice-president, Itamar Franco , who appointed Fernando Henrique Cardoso Minister of Finance. In 1994, Cardoso produced a highly successful Plano Real , that, after decades of failed economic plans made by previous governments attempting to curb hyperinflation, finally stabilized
7590-408: The approval of the Golden Law . The foreign-affairs policies of the monarchy dealt with issues with the countries of the Southern Cone with whom Brazil had borders. Long after the Cisplatine War that resulted in the independence of Uruguay , Brazil won three international wars during the 58-year reign of Pedro II: the Platine War , the Uruguayan War and the devastating Paraguayan War ,
7705-449: The area of Pedro Leopoldo , Minas Gerais and provide evidence of human habitation going back at least 11,000 years. The earliest pottery ever found in the Western Hemisphere was excavated in the Amazon basin of Brazil and radiocarbon dated to 8,000 years ago (6000 BC). The pottery was found near Santarém and provides evidence that the region supported a complex prehistoric culture. The Marajoara culture flourished on Marajó in
7820-401: The arrival of the Portuguese fleet commanded by Pedro Álvares Cabral . The Portuguese encountered indigenous peoples divided into several ethnic societies, most of whom spoke languages of the Tupi–Guarani family and fought among themselves. Though the first settlement was founded in 1532, colonization effectively began in 1534, when King John III of Portugal divided the territory into
7935-405: The cancellation of the 1938 election and formalized Vargas as dictator, beginning the Estado Novo era. During this period, government brutality and censorship of the press increased. During World War II , Brazil remained neutral until August 1942, when the country suffered retaliation by Nazi Germany and Fascist Italy in a strategic dispute over the South Atlantic, and, therefore, entered
8050-400: The central power, coupled with old and latent social tensions peculiar to a vast, slaveholding and newly independent nation state . This period of internal political and social upheaval, which included the Praieira revolt in Pernambuco , was overcome only at the end of the 1840s, years after the end of the regency, which occurred with the premature coronation of Pedro II in 1841. During
8165-420: The consequences of these policies for other countries and for the global economy . For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019. The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%. Indeed, it
8280-418: The continent's interior, sharing land borders with Uruguay to the south; Argentina and Paraguay to the southwest; Bolivia and Peru to the west; Colombia to the northwest; and Venezuela , Guyana , Suriname and France (French overseas region of French Guiana ) to the north. It shares a border with every South American country except Ecuador and Chile . The brazilian territory also encompasses
8395-452: The country will be able to rectify its macroeconomic and structural imbalances. In the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members. As of 2004 , borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over
8510-605: The demands of revolutionaries who had taken the city of Porto , John VI departed for Lisbon. There he swore an oath to the new constitution, leaving his son, Prince Pedro de Alcântara , as Regent of the Kingdom of Brazil . Tensions between Portuguese and Brazilians increased and the Portuguese Cortes , guided by the new political regime imposed by the Liberal Revolution , tried to re-establish Brazil as
8625-418: The detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway. Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards that
8740-438: The duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF. The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944. During
8855-477: The enactment of the Amnesty Law in 1979, Brazil began a slow return to democracy , which was completed during the 1980s. Civilians returned to power in 1985 when José Sarney assumed the presidency. He became unpopular during his tenure through failure to control the economic crisis and hyperinflation he inherited from the military regime. Sarney's unsuccessful government led to the election in 1989 of
8970-509: The end of March 2014, the IMF secured an $ 18 billion bailout fund for the provisional government of Ukraine in the aftermath of the Revolution of Dignity . In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%. In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $ 1 trillion as its response to
9085-617: The fifteen private and autonomous captaincies . However, the decentralized and unorganized tendencies of the captaincies proved problematic, and in 1549 the Portuguese king restructured them into the Governorate General of Brazil in the city of Salvador , which became the capital of a single and centralized Portuguese colony in South America. In the first two centuries of colonization, Indigenous and European groups lived in constant war, establishing opportunistic alliances in order to gain advantages against each other. By
9200-455: The final acts adopted at Bretton Woods. British economist John Maynard Keynes , on the other hand, imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and act as the United States government had during the New Deal to the great depression of
9315-456: The first time, "a drought has covered all the way from the North to the country’s Southeast". It is the strongest drought in Brazil since the beginning of measurement in the 1950s, covering almost 60% of the country's territory. The drought is linked to deforestation and climate change. Brazilian topography is also diverse and includes hills, mountains, plains, highlands, and scrublands. Much of
9430-422: The form of policy reform. If the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 executive board decision and later incorporated into the Articles of Agreement. Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak , the theoretical underpinning of conditionality
9545-459: The highest areas. The semiarid climatic region generally receives less than 800 millimeters (31.5 in) of rain, most of which generally falls in a period of three to five months of the year and occasionally less than this, creating long periods of drought. Brazil's 1877–78 Grande Seca (Great Drought), the worst in Brazil's history, caused approximately half a million deaths. A similarly devastating drought occurred in 1915. In 2024, for
9660-463: The largest war effort in Brazilian history. Although there was no desire among the majority of Brazilians to change the country's form of government , on 15 November 1889, in disagreement with the majority of the Imperial Army officers, as well as with rural and financial elites (for different reasons), the monarchy was overthrown by a military coup. A few days later, the national flag
9775-544: The largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine. On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika , at the cost to the Cypriots of its agreement: to close the country's second-largest bank ; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits. No insured deposit of €100k or less were to be affected under
9890-534: The last phase of the monarchy, internal political debate centered on the issue of slavery. The Atlantic slave trade was abandoned in 1850, as a result of the British Aberdeen Act and the Eusébio de Queirós Law , but only in May 1888, after a long process of internal mobilization and debate for an ethical and legal dismantling of slavery in the country , was the institution formally abolished with
10005-573: The mid-16th century, cane sugar had become Brazil's most important export, while slaves purchased in Sub-Saharan Africa in the slave market of Western Africa (not only those from Portuguese allies of their colonies in Angola and Mozambique ), had become its largest import, to cope with sugarcane plantations , due to increasing international demand for Brazilian sugar. Brazil received more than 2.8 million slaves from Africa between
10120-465: The naturally regenerating forest, 44% was reported to be primary forest (consisting of native tree species with no clearly visible indications of human activity) and around 30% of the forest area was found within protected areas. For 2015, 56.% of the forest area was reported to be under public ownership and 44% private ownership . Many regions have starkly different microclimates . An equatorial climate characterizes much of northern Brazil. There
10235-487: The new capital city of Brasília , inaugurated in 1960. Kubitschek's successor, Jânio Quadros , resigned in 1961 less than a year after taking office. His vice-president, João Goulart , assumed the presidency, but aroused strong political opposition and was deposed in April 1964 by a coup that resulted in a military dictatorship . The new regime was intended to be transitory but gradually closed in on itself and became
10350-439: The north and semiarid deserts in the northeast, to temperate coniferous forests in the south and tropical savannas in central Brazil. In Brazil, forest cover is around 59% of the total land area, equivalent to 496,619,600 hectares (ha) of forest in 2020, down from 588,898,000 hectares (ha) in 1990. In 2020, naturally regenerating forest covered 485,396,000 hectares (ha) and planted forest covered 11,223,600 hectares (ha). Of
10465-470: The northern, northeastern regions and in the Cisplatina province. The last Portuguese soldiers surrendered on 8 March 1824; Portugal officially recognized Brazilian independence on 29 August 1825. On 7 April 1831, worn down by years of administrative turmoil and political dissent with both liberal and conservative sides of politics, including an attempt of republican secession and unreconciled to
10580-428: The organization's conditional loans. During the 20th century, the IMF shifted its position on capital controls. Whereas the IMF permitted capital controls at its founding and throughout the 1970s, IMF staff increasingly favored free capital movement from 1980s onwards. This shift happened in the aftermath of an emerging consensus in economics on the desirability of free capital movement, retirement of IMF staff hired in
10695-491: The organization's other member-states. This transparency is intended to facilitate international co-operation and trade. Since the demise of the Bretton Woods system of fixed exchange rates in the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations. The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses
10810-529: The political establishment and public service , numerous peaceful protests erupted in Brazil in the middle of the first term of Dilma Rousseff , who had succeeded Lula after winning election in 2010 and again in 2014 by narrow margins. Rousseff was impeached by the Brazilian Congress in 2016, halfway into her second term, and replaced by her Vice-president Michel Temer , who assumed full presidential powers after Rousseff's impeachment
10925-409: The sovereignty of full UN member states, such as Aruba , Curaçao , Hong Kong , and Macao , as well as Kosovo . The corporate members appoint ex-officio voting members, who are listed below . All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa. Former members are Cuba (which left in 1964), and Taiwan , which was ejected from
11040-697: The state of Acre and the westernmost portion of Amazonas , to UTC−4 in the western states, to UTC−3 in the eastern states (the national time ) and UTC−2 in the Atlantic islands . The climate of Brazil comprises a wide range of weather conditions across a large area and varied topography, but most of the country is tropical. According to the Köppen system , Brazil hosts six major climatic subtypes: desert , equatorial , tropical , semiarid , oceanic and subtropical . The different climatic conditions produce environments ranging from equatorial rainforests in
11155-416: The system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism . The IMF's influence in the global economy steadily increased as it accumulated more members. Its membership began to expand in the late 1950s and during the 1960s as many African countries became independent and applied for membership. But
11270-455: The systems: A 2021 study found that the IMF's surveillance activities have "a substantial impact on sovereign debt with much greater impacts in emerging than high-income economies". IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in
11385-545: The terms of a novel bail-in scheme. The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp
11500-445: The terrain lies between 200 meters (660 ft) and 800 meters (2,600 ft) in elevation. The main upland area occupies most of the southern half of the country. The northwestern parts of the plateau consist of broad, rolling terrain broken by low, rounded hills. The southeastern section is more rugged, with a complex mass of ridges and mountain ranges reaching elevations of up to 1,200 meters (3,900 ft). These ranges include
11615-476: The wake of the murder of his running mate, the defeated opposition presidential candidate Getúlio Vargas , supported by most of the military, successfully led the Revolution of 1930 . Vargas and the military were supposed to assume power temporarily, but instead closed down Congress, extinguished the Constitution, ruled with emergency powers and replaced the states' governors with his own supporters. In
11730-696: The war on the allied side . In addition to its participation in the battle of the Atlantic , Brazil also sent an expeditionary force to fight in the Italian campaign . With the Allied victory in 1945 and the end of the fascist regimes in Europe, Vargas's position became unsustainable, and he was swiftly overthrown in another military coup, with democracy "reinstated" by the same army that had ended it 15 years earlier. Vargas committed suicide in August 1954 amid
11845-478: The way that absolutists in Portugal had given in the succession of King John VI, Pedro I departed for Portugal to reclaim his daughter's crown after abdicating the Brazilian throne in favor of his five-year-old son and heir (Dom Pedro II ). As the new Emperor could not exert his constitutional powers until he came of age, a regency was set up by the National Assembly. In the absence of
11960-523: The word brasil commonly given the etymology "red like an ember ", formed from brasa ('ember') and the suffix -il (from -iculum or -ilium ). It has alternatively been suggested that this is a folk etymology for a word for the plant related to an Arabic or Asian word for a red plant. As brazilwood produces a deep red dye, it was highly valued by the European textile industry and was the earliest commercially exploited product from Brazil. Throughout
12075-464: The world." Established in July of 1944 at the Bretton Woods Conference , primarily according to the ideas of Harry Dexter White and John Maynard Keynes , it started with 29 member countries and the goal of reconstructing the international monetary system after World War II . In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays
12190-701: The years 1500 and 1800. By the end of the 17th century, sugarcane exports began to decline and the discovery of gold by bandeirantes in the 1690s would become the new backbone of the colony's economy, fostering a gold rush which attracted thousands of new settlers to Brazil from Portugal and all Portuguese colonies around the world. This increased level of immigration in turn caused some conflicts between newcomers and old settlers. Portuguese expeditions known as bandeiras gradually expanded Brazil's original colonial frontiers in South America to its approximately current borders. In this era other European powers tried to colonize parts of Brazil, in incursions that
12305-507: Was a status more won over time than assigned in succession ceremonies and conventions. Slavery among the indigenous groups had a different meaning than it had for Europeans, since it originated from a diverse socioeconomic organization, in which asymmetries were translated into kinship relations. Following the 1494 Treaty of Tordesillas , the land now called Brazil was claimed for the Portuguese Empire on 22 April 1500, with
12420-505: Was accepted on 31 August. Large street protests for and against her took place during the impeachment process. The charges against her were fueled by political and economic crises along with evidence of involvement with politicians from all the primary political parties. In 2017, the Supreme Court requested the investigation of 71 Brazilian lawmakers and nine ministers of President Michel Temer 's cabinet who were allegedly linked to
12535-608: Was at this number that the Greek government-debt crisis started in 2010. In 1995, the International Monetary Fund began to work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and
12650-430: Was in first place in the first round, with 48.43% of the support from the electorate, and received 50.90% of the votes in the second round. On 8 January 2023, a week after Lula's inauguration, a mob of Bolsonaro's supporters attacked Brazil's federal government buildings in the capital, Brasília , after several weeks of unrest. Brazil occupies a large area along the eastern coast of South America and includes much of
12765-408: Was inhabited by numerous tribal nations prior to the landing of explorer Pedro Álvares Cabral in 1500. Subsequently claimed by the Portuguese Empire , Brazil remained a Portuguese colony until 1808, when the capital of the empire was transferred from Lisbon to Rio de Janeiro . In 1815, the colony was elevated to the rank of kingdom upon the formation of the United Kingdom of Portugal, Brazil and
12880-488: Was published a few days later, as was a deconstruction by Matina Stevis of The Wall Street Journal . In the October 2013, Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%. The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced
12995-590: Was readmitted in 1990, after the Velvet Revolution . Apart from Cuba, the other UN states that do not belong to the IMF are Monaco and North Korea . Liechtenstein became the 191st member on 21 October 2024. Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by
13110-491: Was replaced with a new design that included the national motto " Ordem e Progresso ", influenced by positivism . 15 November is now Republic Day , a national holiday. The early republican government was a military dictatorship, with the army dominating affairs both in Rio de Janeiro and in the states. Freedom of the press disappeared and elections were controlled by those in power. Not until 1894, following an economic crisis and
13225-584: Was the "monetary approach to the balance of payments". Some of the conditions for structural adjustment can include: These conditions are known as the Washington Consensus . These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment problems in a way that would negatively impact the international economy . The incentive problem of moral hazard —when economic agents maximise their own utility to
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