President Luiz Inacio Lula da Silva said on Thursday he wants to be the first Brazilian leader whose administration will lend money to the International Monetary Fund.

Lula made the remarks during a press conference in London after the G20 summit, during which leaders of the world's largest economies agreed to supply the IMF with additional funding.

The money, a total of US$1.1 trillion, will be used to aid the poorer economies that have been affected by the global financial crisis.

Brazil's decision had been expected as Lula said earlier that his country was willing to collaborate with the IMF as long as its foreign exchange reserves were not damaged. Brazil currently has about US$200 billion in its foreign exchange reserves.

Lula recalled during the press conference that Brazil used to borrow from the IMF not too long ago. He also said that he had previously participated in protests against the IMF.

"Don't you find it very chic that Brazil is lending to the IMF? I spent part of my youth carrying banners against the IMF in downtown Sao Paulo," he said.

The amount to be loaned by Brazil has yet to be defined but will be announced in the next few days.

Lula said the G20 meeting was the first in which he saw developed and emerging nations negotiating as equals. To him, the London summit is a great step toward a new economic reality in the world.

(Xinhua News Agency April 3, 2009)