Resolution CMN No. 2816 on Refinancing of Overdue Installments up to 2000, Rescheduling of Future Installments in 2001, and Setting Financial Charges from 2001 for PRODECER III Financing

RESOLUTION NO. 2816

Provides for the refinancing of overdue installments up to 2000, rescheduling of future installments in 2001, and setting of financial charges from 2001, regarding financing contracted under the Japanese-Brazilian Cooperation Program for the Development of the Cerrados - 3rd Phase (PRODECER III).

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on February 22, 2001, considering the provisions of Articles 4, item VI, of the aforementioned law, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, and Article 5 of Law No. 10,186 of February 12, 2001,

RESOLVES:

Article 1. Authorize the financial agents of the Japanese-Brazilian Cooperation Program for the Development of the Cerrados - 3rd Phase (PRODECER III) to adopt the following measures, regarding financing contracted under this program:

I - refinance, at the discretion of the financial agent, for a period of up to one year, starting from January 1, 2001, the installments due by December 31, 2000, which are backed by the own resources of the respective agents, allowing that the values thus renegotiated be computed for compliance with the credit rural application exigibility requirement set forth in MCR 6-2;

II - reschedule the payment of installments due in the year 2001, through uniform distribution of those values among subsequent installments;

III - set the financial charges of the Program at 10.75% per annum (ten and seventy-five hundredths percent per annum), effective from January 1, 2001.

Sole Paragraph. The financial charges established in item III:

I - apply only to financing in normal status or regularized in accordance with this Resolution;

II - may be reviewed annually, whenever the Long-Term Interest Rate (TJLP) presents an accumulated variation, up or down, greater than 30% (thirty percent).

Article 2. The alterations in credit instruments, related to the measures authorized by this Resolution, must be formalized by April 30, 2001.

Article 3. The Secretariat of Agricultural Policy of the Ministry of Agriculture and Supply, and the Secretariat of Economic Monitoring of the Ministry of Finance, are authorized to adopt the measures deemed necessary for the execution of the provisions of this Resolution, to be published by the Central Bank of Brazil.

Article 4. This Resolution enters into force on the date of its publication.

Brasilia, February 22, 2001

Arminio Fraga Neto
President