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[RIO DE JANEIRO] Brazil's National Monetary Council (CMN) on Thursday approved measures that pave the way for cash-strapped Rio de Janeiro state to obtain a loan of up to 2.9 billion reais (S$1.24 billion) this year from banks.
However, treasury official Pricilla Santana said two other ordinances expected to be released next week were still needed before the loan could move forward.
CMN issued a standard regulating the steps a bank must take to make loans and exempted the operations from size limits on public sector loans, which Rio Grande do Sul state could also receive.
Deeply indebted after hosting the World Cup and the Olympics, whose price tag alone reached 43.3 billion reais, Rio de Janeiro still delays salary payments to employees.