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Brazil's finance minister urges lawmakers to back economic agenda

BRASILIA (Reuters) -Brazil's Finance Minister Fernando Haddad said on Wednesday the country needs to push ahead with measures under consideration in Congress to ensure the current growth cycle in Latin America's largest economy is sustainable. Haddad made his remarks during a hearing in the lower house of Congress after Speaker Hugo Motta said earlier on Wednesday the government's proposal to roll back a controversial tax hike on some financial transactions faces resistance from lawmakers. On Sunday, Haddad proposed offsetting the revenue loss from the scaled-back financial transactions tax with higher taxes on online betting, private credit instruments and financial institutions.
Brazil's Finance Minister Fernando Haddad has urged lawmakers to approve a new fiscal framework to address the country's growing public debt, emphasizing the urgency of the situation during a speech in Brasília. He warned that without the new framework, Brazil risks facing a severe economic crisis, as the current debt levels are unsustainable. Haddad's proposal aims to replace the existing spending cap with a more flexible system that would allow for increased public investment while maintaining fiscal responsibility. The minister's call to action comes amid concerns over Brazil's economic stability and the need for structural reforms to ensure long-term growth.

Read the Full Reuters Article at:
[ https://www.yahoo.com/news/brazils-finance-minister-urges-lawmakers-152808754.html ]