Brazil, the International Monetary Fund's top debtor, on Monday said it would not renew a $40 billion loan accord with the multilateral lender when it expires this month as it no longer needs its protection against financial shocks. "Brazil will not renew the accord, we have informed the fund we will not renew," said Marcelo Netto, a spokesman for Brazil's Finance Ministry.
The move ends six straight years of IMF support during which the fund offered South America's largest economy nearly $70 billion in credit - including the fund's biggest-ever loan.
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