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WASHINGTON: Amid Brazil's brightening economic prospects, the International Monetary Fund approved the second instalment of a dollars 41.5 billion rescue package for Latin America's largest economy.

The total amount to the instalment to be provided by the IMF and a group of international donors led by the United States is dollars 8.6 billion.

The IMF's executive board made the decision Tuesday after the organization's managing director, Michel Camdessus, endorsed the country's new inflation-control strategy.

The IMF share of the second payment is dollars 4.9 billion with the balance coming from other lenders. The first payment of dollars 9 billion was made last December.

Threatened with the economic turmoil that engulfed Asia and Russia, Brazil succeeded last November in negotiating the initial IMF dollars 41.5 billion rescue package. But the deal had to be re-negotiated with the IMF after the collapse of the country's currency, the real, in January.

Since then, economic panic has given way to euphoria in Brazil as its economy has started to recover. Stock markets are surging, the currency is stronger, inflation is lessening and international investors are returning slowly.

Arminio Fraga, president of Brazil's Central Bank, said foreign perception of Brazil has improved a lot and will continue to improve as we move ahead with austerity reforms.

Brazil's Central Bank has pledged to begin setting inflation targets and to bring down interest rates, currently at 42 percent, as pressure on prices eases.ÑAP

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