After Fitch downgraded Brazil, Levy points out need to vote fiscal adjustment
"We have to take the necessary measures. Now, the most important is to vote the Provisional Measures that support our budget."
After Fitch Ratings cut Brazil's investment credit rating, Finance Minister Joaquim Levy said that the Congress needs to vote the fiscal adjustment and urged all Brazilians to come out in defense of Brazil.
Fitch Ratings cut Brazil's investment credit rating by lowering the country's sovereign credit rating. Brazil's grade went from BBB- to BB+. Besides downgrade, Fitch put Brazil on negative outlook.
"We have to take the necessary measures. Now, the most important is to vote the Provisional Measures that support our budget. In view of the downgrade, we have to come in defense of Brazil. We have to vote in both congressional houses. I've just met with Senate President Renan Calheiros, and he is willing to step up this effort. I think it [effort] has to be made by all Brazilians at the moment," said Levy.
Minister Levy noted that other factors, rather than economic factors, diverted the attention for the adjustments that need to be made. "The downgrade indicates that we have not made everything we need at the right pace, because some people have diverted the attention, for several reasons that are not connected with the economic measures we have to take."
According to the minister, the whole world is looking at the Brazilian institutions' operation and the country's ability to take the necessary measures to stimulate growth and conduct economic activity's operation.
"In addition to the fundamental fiscal aspect, all measures [aim at] redirecting things and they carry the seed of growth, the seed of recovery in our economy, the jobs' security. We have to do this. The measures are annual and have to be voted in the next few days," declared the minister.
Translated by Amarílis Anchieta
Fonte: After Fitch downgraded Brazil, Levy points out need to vote fiscal adjustment
