"My commitment is to return to growth, with the economic policy," says Levy (Adriano Machado / Reuters)
Close to completing a year of his appointment to the command of the Treasury, Joaquim Levy says one of his biggest regrets is not giving enough emphasis to policies aimed at growth. Criticized by the excessive focus given to fiscal adjustment, Levy told the newspaper O Estado de S. Paulo that his commitment is with the resumption of economic activity. "I note with concern the postponement of necessary actions for economic policy, but we will have a difficult year ahead. My commitment is to return to growth, with the economic policy," he said.
Asked if the government would cut 100% of the costs, Levy replied that, if necessary, there is a preparation for "limiting the movement of resources." "We will do everything possible. If you need to make the cut, let's do it. Let's follow the advice of TCU."
Levy anticipated that the government will announce next Monday a cut of all the resources available for expenditure until the end of the year to not incur offense in the closing of the 2015 accounts, since Congress did not vote to change the fiscal target this year - is still in force required to close 2015 with a primary surplus of 1.1% of GDP. Therefore, the government will be forced to impound 107.1 billion reais, but there are only 10.7 billion reais available to courts.
In addition, under real threat that Congress approve a budget for 2016 without surplus, Levy says may need to "focus all energies" in approving the goal of next year until December, so that the year is marked by the recovery of the economy. "I have no problem asking for support. At the time H and in several times, Congress did not miss."
For an hour and forty minute interview, the minister asked seven times leave to attend calls in his office in the next room, as Senator Romero Juca (PMDB-RR), which warned it would propose a zero primary surplus target in the next year. Levy also stressed that the government must now aim for the resumption of growth agenda in 2016. "We have to make the economy run next year."
