World News

Brazil must stick to ‘fiscal zeal’ despite coronavirus outbreak: Economy Ministry official

BRASILIA (Reuters) – Brazil’s government must maintain its “fiscal zeal” and not be sidetracked from its economic reform agenda by exogenous shocks like the coronavirus outbreak or plunge in world oil prices, a senior Economy Ministry official said on Tuesday.

Waldery Rodrigues, special secretary to the Economy Ministry, said Brazil will look at other countries’ fiscal stimulus measures, but said the government’s fiscal rules such as the spending cap ceiling must be upheld, and that budget freezes look likely.

(Reporting by Marcela Ayres; Writing by Jamie McGeever; Editing by Leslie Adler)