In a press conference with various radio stations in Brazil, Brazilian President Luiz Inácio Lula da Silva declared that the Minister of Finance, Antonio Palocci, will stay in his post.

    "Minister Palocci continues to earn all the consideration I had for him before, have now, and will have in the future. And if you want me to say so, I will repeat it here: Palocci is and will remain my minister of Finance," Lula.

    The President praised the minister’s performance as head of the government’s economic team.

    "Palocci is a minister in whom I have complete and total confidence, and Brazil owes him a lot. I don’t know whether an economist could have accomplished what Palocci did in economic policy."

    Drawing a comparison with the previous Administration, Lula cited economic achievements which, in his opinion, "have a great deal to do with our companion, minister Palocci": real growth in the GDP (Gross Domestic Product), which rose from 1.9% in 2002 to its present 4%; a decline in the inflation rate from 12.5% to 4.9%; and a drop in the unemployment rate from 11.7% to 9.4%.

    The President also referred to the maintenance of the primary surplus target (the money saved by the government to pay interest on the debt) at 4.25% of the GDP:

    "Nobody accumulates a surplus because he or she likes to; we accumulate a surplus because we owe a lot. Our domestic debt amounts to nearly a trillion reais (US$ 451 billion), and we have to tell our creditors – who are frequently a large portion of the Brazilian middle class with bank savings accounts – that they will get their money back," he said.

    "We don’t do this because it is wonderful to accumulate a surplus; we do it because it is a demonstration of seriousness," he added.

    Agência Brasil

    Tags:

    • Show Comments (2)

    • Guest

      Who has a very poor economic performance
      The US has been displaying a very poor economic performance by any standards but its own. In the past 7 years, the US is well behind Brazil’s financial-economic progress by any measures chosen – especially among developing countries. Brazil has chosen the right path, at the right time, and has finally found the best way to get rid of the damaging US influence, which is doing business with fairer business partners.

      And by the way, you cannot refer to an entire country using a personal pronoun like “you”. It is at least a very disrespectful and debasing manner of treating a sovereign country.

    • Guest

      performance of economic team.
      Could anyone remind to this team, and Lula of course, that their economic performance has been average, at best.

      Most developing countries did far better during the last three years.

      Even worse, is your performance because your economy almost collapsed in 2002/3 when others were in recession you werew almost in depression. That explain why your currency collapsed by almost 75 percent.
      So your through was lower than other developing copuntries. This explain that you recovered but from a lower bottom than others. This demultiply the explanation that that your gropwth was subpar at best.
      To demonstrate than my critics are not wrong, just look at Argentina. They went lower than you, as they defaulted on their debts, but their growth rate was 8 or 9 percent since then.
      On the opther hands look at most developing countries. Their crisis was not as severe as you, meaning their through was higher than yours but still had a higher growth than you.

      Any way you measure it, I can only repeat than your growth rate was subpar, at best !

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Biojewels Are Not Just for Brazilians Anymore

    With talent and creativity, artisan Jander Cabral, 34 years old, transforms seeds, shells and ...

    Brazil Says North Korea Has No Excuse to Blast Its A-Bomb

    The Brazilian government "vehemently" condemned today the nuclear test announced by North Korea. Brazil’s ...

    Brazil Has Already US$ 2.1 Billion Surplus for This Month

    Exports in Brazil reached US$ 3.011 billion last week and imports amounted to US$ ...

    You Can’t Patent Our Fruits, Warns Brazil

    Brazil is negotiating with the United States and the European Union the possibility of ...

    Brazilian Government Gets Better Marks for Education, But Worse for Economic Policy

    The CNT/Sensus poll released Tuesday, September 13, shows that people’s evaluation improved in all ...

    Brazil Forecasts 4.5% GDP Growth and 4% Inflation for Next Three Years

    Brazil’s Minister of Planning, Budget, and Management, Paulo Bernardo, affirmed yesterday that the 2006 ...

    Brazil to Break Record in Beef Exporting Despite Foot and Mouth Disease

    Abattoir activity in the Brazilian state of Mato Grosso do Sul, the country’s second ...

    Brazil Market Follows US in the Red

    Brazilian and Latin America slumped on the day, following U.S. markets into the red. ...

    Being a Monopoly Contributed to Brazil’s Varig Airline’s Demise

    If Varig is eventually declared bankrupt, passengers of the airline will suffer at least ...

    Police detain protesters in Erexim, Brazil

    Rural Workers Invade Bank of Brazil to Make Their Case

    On the morning of March 11, dozens of farmers involved in the social movements ...