WASHINGTON - Brazil and its commercial-bank creditors have completed negotiations on a term sheet covering an agreement on rescheduling the country's $44 billion bank debt.

A joint statement by Brazilian Economy Minister Marcilio Moreira and Citibank vice chairman William R. Rhodes said the term sheet covers the agreement in principle reached on July 9.

Following a legal review, the agreement will be submitted to the Brazilian Senate. Approval by the senate is necessary for the package to be presented to the international banking committee.

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