Brazil's Finance Minister Guido Mantega said Tuesday the country is not facing fiscal troubles and anti-cyclic policies are giving satisfactory results.
Mantega said any worry about the country's fiscal situation is unnecessary, stressing that the fiscal situation has improved in the past few years and the country has managed to save 0.5 percent of its GDP for the Sovereign Fund.
Mantega believed Brazil would be one of the first countries to recover from the international financial crisis and the economy will grow more than the global average in the next few years.
The minister's statement came in response to the latest report released by the Organization for Economic Cooperation and Development (OECD), which said the increase in public expenses must be contained in order to increase investment.
The organization also cautioned against new fiscal stimulus measures, which according to the OECD should only be adopted if the economic scenario takes a turn for the worse.
Additionally, the OECD recommended another cut in the annual interest rate, which is currently at 9.25 percent, in order to boost economic recovery.
Source:Xinhua
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