Levy denies delays to transfer funds in 2015 budget

Finance Minister Joaquim Levy declared Friday (Oct. 23) that there has been no delay to transfer National Treasury funds to state-owned banks in 2015 budget. "There has been no accounting trick. We are even prepared to cover expenses from the past." Levy gave a press conference after attending a roundtable on energy from the Institute of the Americas, at a hotel in Rio de Janeiro.

According to the minister, throughout 2015 the government has paid expenses from previous years, which, according to him, is normal, and occurs every time an economic rebalancing is necessary. "This work is important to put the house in order," he stated.

Levy also announced that the 2016 Budget will be "robust", "safe" and "transparent," and that it requires courage and determination to take all necessary measures for Brazil to grow again. For him, the economic recovery is being slower than predicted, and it has caused an impact on tax revenue. "I think we're all noting that the economy has been developing more slowly than expected. This has had an impact on tax revenue. As we had said in the past, this impact comes as a result of both the slowdown of economic activity and the companies' willingness to pay their taxes, given the uncertainty we are facing."

Translated by Amarílis Anchieta

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