Curbing spending Brazil new finance minister's priority

Recently-appointed Finance Minister Henrique Meirelles said that curbing the increase in public accounts is be most important measure to be taken. In a statement made today (May 13), Meirelles argued that the government should keep expenditures under control in order to prevent public costs from rising.

“We're working to have a target system for spending with no real growth in expenditures,” he stated, adding that the government is set to “keep accounts in nominal terms.”

An appropriate formula

Measures should not change after they are disclosed, the new finance minister announced. “We mustn't make a decision today, another decision tomorrow, and a third one the week after,” he stressed.

He went on to note that keeping a clear head while taking action is crucial to bringing the economy back on track.

Also key in Meirelles's view is “to be clear and tell the truth about the public accounts” by doing solid data-gathering work. “We will implement and announce the necessary measures safely and in clear terms—which should be done soon,” he said during an interview on Bom Dia Brasil, aired by Globo.

Central Bank's former president, Henrique Meirelles took office Thursday (12) and is expected to take part in the first cabinet meeting in Michel Temer's interim administration.

Translated by Fabrício Ferreira