MercoPress. South Atlantic News Agency

“No left turn” for Brazilian “successful and tested” economic policies

Dilma Rousseff will keep to economic orthodoxy promised Guido Mantega

Brazil’s Finance minister Guido Mantega discarded any “left turn” or leaning towards the left with the country’s economic policy in the event of a victory by the incumbent candidate and cabinet chief Dilma Rousseff.

“A government of Ms Rousseff will follow current policies. Those stories about moving further left or further right, are senseless. There’s no left or right inclination. The incoming government will simply follow a very successful economic policy tested under the extreme conditions of the global crisis. Nobody changes something that is working fine”, underlined Mantega.

The Finance minister said that in the event of a Rousseff victory next October “the main target will be to keep inflation under control”.

He added the former guerrilla --hand picked by President Lula da Silva to succeed him-- “would ensure the current macroeconomic solidity, growth with strong development, floating exchange rate and the targets’ system, and obviously inflation under control because the Brazilian people are not interested in inflation. It erodes purchasing power” said Minister Mantega.

The Finance minister also revealed that before the end of the month he would be addressing to President Lula da Silva the new package of economic benefits for exporters, particularly small and medium sized companies that have been seriously affected by the loss of value of the US dollar.

Brazilian exports dropped 21.8% last year following several years of sustained advance.