The 4th Meeting of the Brazil-United States Growth Group will take place today in Rio de Janeiro, with the participation of Brazil’s Minister of Finance, Antônio Palocci, and the US Secretary of the Treasury, John Snow.
The meeting begins at 8:00 am with a breakfast with Rio business leaders. Later Palocci and Snow will have a working lunch with aides. At 2:30 pm they will hold a joint news conference. Finally, beginning at 3:00 pm, the economic teams will discuss technical details.
The objective of the Growth Group is to discuss strategies for stimulating bilateral economic growth.
Snow has recently congratulated President Luiz Inácio Lula da Silva and Palocci, for the current stable situation of the Brazilian economy, which 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 said in a note that “good news comes from the implementation of good policies” and stated that the United States wanted to discuss bilateral prosperity policies with Brazil.