BRAZIL TREASURY TO RELEASE COFFEE BUYING FUNDS
The Treasury Department is due to
release funds for the Brazilian Coffee Institute, IBC, to pay
for the coffee purchased from local producers, the IBC said in
a statement.
    IBC production director Oripes Gomes said in the statement
that payment would be made within the official guarantee
prices.
    The statement said the IBC is sending a document to the
National Monetary Council asking the government to set a budget
for the purchase by the Institute of up to five mln bags of
coffee until June 30.
    Gomes said in the statement there have been no problems in
the concession of funds by the Treasury for payment of the
coffee delivered to the IBC warehouses by the producers.
    He said producers have already delivered 2.2 mln bags, of
which 1.5 mln bags have been paid for.
    In the future, according to an agreement to be signed with
the Treasury, the Institute will no longer need to seek
approval by the Treasury to seek the release of additional
funds to buy coffee, the statement said.
 Reuter
