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June 17, 2015

IDB approves fiscal adjustments from Rousseff and Joaquim Levy

by Márcia Bizzotto | June 11, 2015
Clipping from BBC Brasil
Translated article by Pedro Ferreira - BACC-SE 
The Inter-American Development Bank has commented that the Brazilian economy is on the path to recovery, already in 2016, as a result of the recently announced fiscal and infrastructure adjustments.
“I applaud the adjustments. Brazil is doing the right thing, and it seems that we will see the beginning of recovery in the next year. I have faith that the Brazilian economy will begin to see improvements as the effects of these adjustments become visible,” stated Inter-American Development Bank (IDB) president, Luis Albert Moreno, in an interview with BBC Brazil. Moreno did not give a prediction of estimated GDP growth in the next year.
According to the IDB press office, the bank utilizes data provided by central banks instead of making internal estimates on the growth of countries, like other organs, such as the IMF (International Monetary Fund) and the World Bank.
Moreno’s prediction is in line with the predictions of the Brazilian market, which estimates that the GDP will grow by 1% next year, according to the latest weekly Central Bank report (Focus).
According to Moreno, the Brazilian government initiative, “generates, and I hope that it will generate even more, credibility in the markets, which is already happening.”
IDB plans on contributing to the recovery with the launching of titles in Reais that will finance infrastructure projects that are included in the second phase of the Investment Program in Logistics (PIL), which was requested by Finance Minister Joaquim Levy
The package announced on Tuesday, lists a series of projects up for bid. According to the Brazilian government, the list totals $639,4 billion in investments.
“We have an enormous interest (in this initiative). We just need to advance in conjunction with the approval of  Brazilian authorities, so that we can do this type of venture. We have begun to receive some of those approvals, and we are working on the planning,” he explained.
According to Moreno, the entity will be able to finance projects in distinct sectors, including waterworks, ports and airports.
The IDB president defends that “all of these infrastructure developments will raise the competitive levels of Brazil, and generate economical growth at the same time.”
“It’s an smart investment,” he affirmed. “It’s a way to prepare for this time of change and conflict in the Latin-American region. We have come from 4 years of decrease in growth. It seems that Brazil is doing what it should to recharge growth.
When asked if Brazil will be back to be seen as the “Latin-American giant” one day, Moreno affirmed that the country is “very important.”
“I would not bet against Brazil. Brazil has an enormous potential. The investor who possesses long-term vision knows that there are economic cycles, that there are good moments and bad moments. What matters is that Brazil is powerful economy with enormous possibilities that will continue to progress.”
An example of this, according to him, was the economic class ascension of around 30 million people in roughly a decade.
“No other country has been able to do this in such a quick manner,” he commented.

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