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Brazil's finance minister concerned about economic outlook

Xinhua, November 4, 2015 Adjust font size:

Brazil's Finance Minister Joaquim Levy said on Tuesday that uncertainty is a looming problem over economic growth and stressed the importance of a favorable business environment.

Levy participated in the signing ceremony of Program of Work (2016-2017) between Brazil and the Organization for Economic Cooperation and Development (OECD) in Brasilia, along with OECD Secretary-General Angel Gurria, and Brazil's Foreign Minister Mauro Vieira.

According to Levy, the agreement with the OECD will produce advances in several sectors in the country, which is expected to enhance Brazil's cooperation with the organization in the next two years.

Levy said Brazil is not an OECD member at the moment, but is involved in the work in several OECD committees.

Levy commented on Brazil's current state of economy, which is facing uncertainty and bleak prospects at the moment. The country is expected to report GDP contractions in both 2015 and 2016, and the 2016 federal budget, which foresees a major deficit, is still a delicate matter for the administration.

The opposition party has been calling for Brazilian President Dilma Rousseff's impeachment since she took office for her second presidential term in January.

Last month, the Audit Court disapproved the government's 2014 fiscal reports, and the opposition planned to use it as a basis for an eventual impeachment process.

According to Levy, the return of the CPMF tax, which has been proposed by the government but shunned by the public, is part of the solution to balancing the budget. The CPMF tax is charged over financial operations. Endi