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Fin Min Speaks On Rates, FX, And Budget


Wires carrying comments from Brazilian Finance Minister Fernando Haddad. States that "I'm progressive, leftist, but I don't believe in the state that owes and doesn't care about the public debt." Adds "I am happy to see that there is no speculative attack against Brazil, the dollar is less than five reals." Haddad: "We have work ahead of us to give form to the legal victories we've had on tax breaks."

  • Haddad: "Our challenge is not only to send a 2024 budget bill, but also to demonstrate that the result is achievable...If that happens we will enter a virtuous phase, I want a low interest rate that does not bring back inflation."
  • Haddad: "In January I said I was going to target a primary deficit of 1% of GDP for this year, the Treasury believes that this is possible."
  • Haddad: "Delay in interest rate cut surprised us." Claims that there are already reasons for cutting rates.
  • The next major plank of the gov'ts economic plan comes in getting the Senate to approve major tax reforms already passed in the Chamber of Deputies. In July, President Luis Inacio Lula da Silva statedthat he expected that the upper chamber would approve the measures by year-end.

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