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The Brazilian government has removed the International Monetary Fund (IMF) after dissatisfaction with the institution’s economic forecasts.
“They have not been needed here for years. “They stayed because they love boiling black beans, meat, football, nice conversations and occasionally criticizing and making wrong predictions,” said Paulo Guedes, Brazil’s finance minister.
From June 30 next year, when the current IMF representative will be replaced, Brazil will no longer recognize the institution’s office in its capital, Brasilia, the minister announced.
“We have told them to give their predictions elsewhere,” he added. The IMF has agreed to close the office on that date, writes the Financial Times.
The decision followed growing criticism of Guedes for IMF forecasts in recent years, particularly last year during the peak of the pandemic. He cited the fund’s estimate of a nine per cent drop in gross domestic product last year, which was significantly worse than the four per cent drop officially reported by the government.
“If they want, they can keep their office, but we officially say we don’t need it here anymore,” Guedes said.
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