The International Monetary Fund’s latest assessment of Brazil’s fiscal situation is “totally wrong” and “stupid,” according to Brazilian Finance Minister Guido Mantega. In its latest report on the Brazilian economy, IMF noted that “deterioration in Brazil’s fiscal accounts is particularly pronounced” and added that the government is likely to miss its 2011 budget surplus target by a “wide margin.” Mantega maintained that Brazil is set to meet its 2011 fiscal targets after increasing its spending during the recent global financial crisis, as advised by IMF, Bloomberg reports.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.