Brasília (AFP) - Brazilian President Dilma Rousseff named pro-market bank executive Joaquim Levy to be her new finance minister Thursday as her government looks to steer the economy out of recession.Levy, a University of Chicago-trained economist, is a popular choice in the financial world, where Rousseff's management of the world's seventh-largest economy has been widely attacked.At a press conference where the president's new economic team was announced -- with central bank chief Alexandre Tombini keeping his job and economist Nelson Barbosa taking over the planning ministry -- Levy vowed to whip the government's books into shape by boosting the primary surplus."We're going to work with a primary surplus target of 1.2 percent of GDP in 2015, while for 2016 and 2017 the (target) will be no less than two percent," he said."This target is fundamental to reactivate growth."A primary surplus means the government is spending less than its overall revenue, excluding interest payments on its debt.Brazil formerly hewed to a target of 3.1 percent of GDP, but that was slashed to 1.9 percent in 2013.
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Moises Avila, Business Insider
Thu, 11/27/2014 - 1:48pm
Topics: we and brasília afp brazilian president dilma rousseff joaquim levy alexandre tombini nelson barbosa september minister scissorhands levy bradesco asset management bram international monetary fund european central bank nicknamed scissorhands folha sao paulo dilma guido tag investments andre leite luiz inacio lula silva margarita gutierrez rio petrobras pledge like levy barbosa armando monteira neto national confederation industry as afp brazilian dilma rousseff levy university brazil mantega afp lula tombini pro-market finance minister government percent target economic inflation markets told chief confidence economist ministry post team primary gdp choice world popular executive thursday planning widely economy close surplus tackle term reportedly work presiding year including win
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