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Brazil Announces Plan to Repay Multilateral Debt in 2023

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According to the Planning Ministry, Brazil’s government has announced its commitment to global forums by paying off outstanding debts of 2.6 billion reais (0.6 million) to multilateral organizations in 2023.

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This amount includes debts to “various organizations” left by former President Jair Bolsonaro’s administration, which President Luiz Inacio Lula da Silva intends to settle.

Read also: Argentina’s Inflation Rate Exceeds 100%, Highest In Over 30 Years

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Lula has focused on restoring Brazil’s international presence and attracting investments by resuming an active role in fighting climate change and addressing human rights.

To this end, the ministry has disclosed that 480 million reais will be paid off this month, with the United Nations ($58.8 million) and U.N. peacekeeping missions ($264 million) being the main debts.

In addition, Brazil owes the Organization for Economic Co-operation and Development (OECD). Suppose it fails to pay the 5.1 million euros owed to cover travel costs, studies, and other expenses related to its bid to join the organization by next month.

In that case, it could jeopardize its accession to the Paris-based rich countries club, according to Valor newspaper’s report on Thursday.

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