Brazil committed to economic reforms

Friday, 11 October 2019 20:04:42 (GMT+3)   |   Sao Paulo

Brazilian officials said this week during the Brazil Investment Forum, a state-run conference to attract investors, the nation is committed to a set of economic reforms.

Economy minister Paulo Guedes said Brazil needs to reduce its public spending and how much it spends on paying interest on debt. He also said his team will “speed up” privatizations. Brazil has auctioned a number of assets, including airports, ports, roads, and railways.

The privatization of the local infrastructure sector is expected to drive further steel demand for domestic producers, SteelOrbis understands.

The minister of exterior relations, Erneste Araujo, said both political and economic freedom go along. “We’re experiencing an extraordinary change in the economic policy,” he said.

Guedes said Brazil used to spend about 15 percent of its GDP in public works. Now the figure was reduced to 1.5 percent the country’s GDP.

President Jair Bolsonaro said Guedes, his economic chief, has full liberty to set the nation’s economic policy.

Bolsonaro said his team has a series of meetings scheduled this Sunday to visit Japan, Saudi Arabia, Qatar, the United Arab Emirates and China. China is Brazil’s largest commercial partner.

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