Brazil's Delegate Cites Dollar Need

Brazil's delegate to the United Nations last week called for a new International Fund to finance Latin American development.

While visiting the Law School Saturday, Hermes Lima said his country needs an expanded version of the International Bank for Reconstruction and Development. "The basis for IBRD loans is commercial; we need much more money--money that can be loaned to individual countries on a non-immediately profitable basis," he explained.

"It is important to peace to develop these countries for there is a very deep separation between feeling and the standards of life," he added. When asked who would finance such a fund, he replied, "the developed countries--there is no other source."

Brazil is trying to strengthen her government by passing laws restricting ownership of certain industries to Brazilians. An example of this is a law passed by the House and now before the Senate that would expel all foreign oil producing industries.