Brazil slams IMF proposal on capital controls

Guido Mantega, Brazil's finance minister, on Saturday launched a scathing attack on the IMF's policy on capital movements in which he rejected recent proposals by the Fund to build a framework for managing capital controls.

Earlier this month the IMF altered its position on capital account liberalisation after it released proposals on a policy framework for managing capital inflows, which allows some scope for adopting capital controls. This marked a major shift from the Washington consensus