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Brazil's govt opens path for $916 mln loan for cash-strapped Rio
October 19, 2017 / 10:53 PM / a month ago

Brazil's govt opens path for $916 mln loan for cash-strapped Rio

RIO DE JANEIRO, Oct 19 (Reuters) - Brazil’s National Monetary Council (CMN) on Thursday approved measures that pave the way for cash-strapped Rio de Janeiro state to obtain a loan of up to 2.9 billion reais ($915.84 million) this year from banks.

However, treasury official Pricilla Santana said two other ordinances expected to be released next week were still needed before the loan could move forward.

CMN issued a standard regulating the steps a bank must take to make loans and exempted the operations from size limits on public sector loans, which Rio Grande do Sul state could also receive.

Deeply indebted after hosting the World Cup and the Olympics, whose price tag alone reached 43.3 billion reais ($13.67 billion), Rio de Janeiro still delays salary payments to employees. ($1 = 3.1665 reais) (Reporting by Marcelo Ayres; Editing by Cynthia Osterman)

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