in ICT infrastructure and universal service require-ments Brazil’s stimulus plan has been going on for some time, since the Accelerated Growth Program of fi scal stimulus was fi rst announced in 2007, before the fi nancial crisis struck. It now includes a range of measures including monetary policy measures, tax exemptions, rebates and deductions. It also includes an investment of $221.4 billion earmarked for infra-structure for ICTs since long before the global econom-ic slowdown, including a Universal Service Fund. It is not clear whether models and principles for stimulus plans developed in OECD countries are necessarily transferable to developing countries. For example, infrastructure development in developing countries could prioritize wireless technologies to building, mainly focused on the transport and energy sectors. Brazil has also invested heavily Figure 7 Developing Country Reserves have reached low levels 4 Months of 2007 imports 3 2 Countries where reserves 1 Continued to decline rapidly in 2009Q1 Stopped rapid decline in 2009Q1 or no 2009Q1 data available 0 Malawi Pakistan El Salvador Côte d’ivoire Sudan Mexico Cape Verde Ecuador Belarus Zambia Latvia Costa Rica Kenya Sri Lanka Dominica Paraguay Bangladesh Central African Rep. Source: World Bank Global Development Finance Report 2009. 54