ANNOUNCEMENT 18 Feb 2014
The Brazilian government increased to BRL 3,825 million the total budget allocated to the Coffee Economy Defense Fund credit lines known as "Funcafé".
NUMBER OF INTERVENTIONS
Government of Brazil. Governo do Brasil. "Conselho define proposta de distribuição do Funcafé" Available at: http://www.brasil.gov.br/economia-e-emprego/2014/02/conselho-define-proposta-de-distribuicao-do-funcafe
Brazilian Central Bank. Banco Central do Brasil. Resolçao 4229 de 1 de Junho de 2013. Available at: http://www.bcb.gov.br/pre/normativos/busca/downloadNormativo.asp?arquivo=/Lists/Normativos/Attachments/48929/Res_4229_v1_O.pdf
On 18 February 2014, the National Monetary Council (CMN by its acronym in Portuguese) approved BRL 3,575 million (USD 1,495 million) for credit lines enclosed in the Fund for the Defense of the Coffee Economy ("Funcafé") for 2014. The new budget represents an increase when compared to 2013 when the total budget was BRL 3,160 million (circa USD 1,322 million).
The credit lines were distributed as it follows:
These amounts apply for the 2014 harvest.
The National Monetary Council of Brazil also approved on 18 February 2014 the distribution of BRL 250 million (USD 104.5 million) in credit lines to finance coffee exports as part of the Fund for the Defense of the Coffee Economy ("Funcafé"). In the previous edition of this fund, there were no provisions related to the financing of coffee exports.
This export assistance applied for the 2014 harvest.