“I see Congress as very reformist”, says Campos Neto

The president of the Central Bank, Campos Neto, praised this Monday (23) the National Congress’s “commitment” to economic reforms and said that parliament must continue to behave in this way for the country to move forward.

“I think it’s important that Congress approves the revenue measures. But I see Congress as quite reformist. Did a lot of things. We even have a tax reform that is underway. News today indicates that it will likely be approved later this year. The Fiscal Framework was voted on”, stated the president of the BC during an event promoted by the Brazilian Stock Exchange (B3) and the newspaper O Estado de S. Paulo, in the capital of São Paulo.

Campos also pointed out that the government counts on Congress to approve measures on the economic agenda and rationalize public spending. “We have several measures to be approved in Congress. The government has made a big effort, I have been following it and I know that it is difficult to cut spending. In practice, it is always a little more difficult because a large part of our Budget is fixed. (…) The main problem that hinders the improvement of the economy is related to the fiscal issue”, stated the head of the monetary authority.

Regarding GDP, Campos Neto said that “Brazil had the biggest growth review by the IMF (International Monetary Fund)”. “It’s already the third or fourth year that we’ve been getting the growth rate wrong in Brazil,” he said.

The BC president also highlighted the slowdown in inflation and mentioned that Brazil has been following the target of other countries. “Inflation targets in the world are between 2% and 3%. Brazil doesn’t have anything very different from that. We say again that it was important to keep the target at 3%”, added Campos Neto.