Finance Minister Warns: Brazil Will Stay the Course

    "I am certain that economic policy will not change in direction, because it is on the right path, and President Lula will not hazard any kind of risk in an election year," Brazil’s Minister of Finance, Antonio Palocci, said before the Brazilian Congress.

    Palocci went to Congress for a testimony before the Chamber of Deputies’ Finance and Taxation Commission. He reaffirmed the need to maintain "rigorous fiscal control" as a way for the machinery of government to contain current expenditures.

    Fiscal control, Palocci remarked, is an essential prerequisite for the country to proceed in reducing the ratio between net government debt and the Gross Domestic Product (GDP).

    A ratio that has dropped from 57% to 51.5% in the last three years, "which is no little matter," he pointed out, even though the debt continues to lay claim on over half of what the nation produces.

    He emphasized, nevertheless, that this reduction "is a very salutary point for the country, and it permits the Central Bank to lower the government’s benchmark interest rate (Selic)."

    ABr

    Tags:

    • Show Comments (0)

    Your email address will not be published.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

    Dam in Rio Grande do Norte, Brazil, part of anti-poverty project

    Brazil Shares Know-How of Fighting Rural Poverty

    The experience of a poor Brazilian state can inspire Morocco, an Arab country located ...

    Can Lula End Hunger?

    John FitzpatrickBy John Fitzpatrick The beaming, benevolent face of Luiz Inácio Lula da Silva ...

    Goldman, father and son

    Obama, Lula & DC Rally Tackle Today Sean Case, the US Boy Abducted to Brazil

    A rally to raise awareness of the Sean Goldman case and Brazil's lack of compliance ...

    Foreign Investors Bring Brazilian Shares to Record High

    Latin American stocks put in a very positive performance today, as Brazil, Mexico and ...

    Brazil Starts Pushing Ethanol All Over the World

    Brazilian companies from the sugar and alcohol sectors are getting ready to enter the ...

    Brazilian soccer player celebrates goal

    My Brazilian Dream Comes True But for a Little Detail

    After tiring of the Brazilian social problems, I woke up to the fact that ...

    Shut Up and Dance

    Basic education in Brazil is in chaos. A little more than 30% of students ...

    GM's GPix

    The Stars of Brazil’s 2008 Auto Show: 100% Nationally Designed Cars

    Several multinationals in the auto industry have elected Brazil, for some time now, as ...

    Some Brazilians in Germany Have Only One Dream: To Go Back Home

    The weekly German newsmagazine Der Spiegel has just published a long article about the ...