LIMA, (Reuters) – Brazilian Finance Minister Joaquim Levy told Reuters on Saturday that President Dilma Rousseff backed his policies, and he intends to stay on the job as long as needed to put the books in order and pull the economy out of its slump.
Market speculation that Levy, an orthodox economist widely respected among investors, was considering quitting her administration has added fuel to a political and economic crisis that has driven down the Brazilian real currency and pushed up Brazilian interest rate futures.
“She has manifested her support with actions,” Levy said on the sidelines of the International Monetary Fund annual meetings in Peru. “I’m not going to discuss market speculation, but facts. There are no doubts about the need to adjust our finances.” The University of Chicago-trained economist said Rousseff was committed to pushing through austerity measures opposed by a restive Congress. He said Rousseff was backing his policies and committed to reaching a primary budget surplus of 0.7 percent of gross domestic product next year.
