The World - News from Nov. 6, 1988

Brazil, the Third World’s biggest debtor nation, has brought interest payments on its commercial bank credits up to date for the first time since early last year, its central bank said. A spokesman said Brazil had paid $3.76 billion to Citibank in New York. The government had decreed a moratorium on interest payments on its $70-billion foreign bank debt on Feb. 20, 1987, but effectively ended the action about 10 months later. The latest payment means Brazil has paid all of its arrears. Early last week, Brazil and its creditor banks completed an $82-billion restructuring and new money package.