The Finance minister of Argentina and Inter-American Development Bank governor, Roque B. Fernández, recommended patience for financial markets after the economic measures announced today by the government of Brazil.
In a speech to IDB directors and senior Bank management, Fernández said that reforms undertaken by Brazil "will bring positive results, because the Brazilian program is well designed and undertakes the structural reforms the country needs to accomplish."
"The markets must have some patience. The path chosen by Brazil is the right path. We must not forget that it takes time in democracy to build consensus," Fernández said. He added that all countries in the region should support Brazil because all are affected by the state of its economy. The Argentine minister supported the efforts undertaken by the Brazilian Congress to carry out structural reforms.
IDB President Enrique V. Iglesias supported Fernández remarks and said that the international financial community is firmly committed to support the efforts of President Fernando Henrique Cardoso and the reform program undertaken by Brazil.