Lula says Brazil in good shape

Brazilian President Luiz Inacio Lula da Silva said Wednesday that his country is in good shape thanks to eight years of efforts to improve the economy.

At the inauguration of a thermal power plant in Cubatao, Sao Paulo state, Lula spoke highly of economic achievements since 2003 when he took office.

"In 2003, Brazil underwent an unprecedented crisis: we were subordinate to the IMF and many Brazilian companies, including the state-owned oil and gas company Petrobras, did not make any investments," he said.

But now the difficult time has passed, he added. "Brazil is no longer a debtor but a creditor of the IMF."

Good economic performance has offered more work opportunities, with 180,000 formal jobs created in January, he said.

Lula said Brazil welcomes investments, particularly foreign investments, in his country.

Source: Xinhua