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Lula Reasserts Responsible Fiscal Pledge

BRAZIL
  • During his recent trip to Portugal, President-Elect Lula said there is no reason for fear or for the stock market fluctuations in recent days explaining that the Government are going to go back to being fiscally responsible without having to meet everything the financial system wants.
  • Lula added he was “happy” with the letter from economists Arminio Fraga, Edmar Bacha and Pedro Malan, adding that he likes advice and to follow advice that’s good.
    • Most recent reports continue to suggest Lula is likely to hand his most important cabinet position to a member of his Workers’ Party, Fernando Haddad, ruling out more pro-business options after appointing a mix of liberal and left-leaning economists to the government transition team.
  • As noted above, Ilan Goldfajn, 56, the current Western Hemisphere director of the International Monetary Fund, was elected for a five-year term to head the IDB during a meeting of finance ministers and other officials of member nations on Sunday.
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