In a note released by Brazil’s Ministry of Finance, the United States Secretary of the Treasury, John Snow, congratulated President Luiz Inácio Lula da Silva and the Minister of Finance, Antonio Palocci, for the current stable situation of the Brazilian economy.
This newfound stability allows the country not to renew its Stand-By Arrangement with the International Monetary Fund.
This decision, according to Snow, reveals the strength of the Brazilian economy and economic policies and the consolidation of the country’s finances, a consequence of the success of President Lula’s government.
The Brazilian economy, adds the Secretary, is reaping the fruits of its macroeconomic policy, which has reduced inflation and the country’s debt since 2002 and increased exports by 32% last year.
Lula’s government, according to Snow, has reduced the country’s vulnerabilities and upheld a robust growth.
“The government is making important reforms, reducing the tax burden, and has plans for an infrastructure development policy.”
Snow says in the note that “good news comes from the implementation of good policies” and states that the United States wants to discuss bilateral prosperity policies with Brazil.