Brazil's Congress approves funds to cover Venezuela's debt

Brazilian Congress members passed a bill on Wednesday (May 2) that releases $ 327.4 million to boost a fund that guarantees exports.

With the measure's approval, Brazil's Treasury is able to pay off debts owed by Venezuela and Mozambique to Brazilian Development Bank (BNDES) and to Credit Suisse. The money was used to pay Brazilian construction firms that carried out works in the two countries.

Both Venezuela and Mozambique have missed loan payments and Brazilian government has until May 8 to pay the next debt installment.