Brazil far from 'fiscal uncontrollability,' says head of bank federation
Adds details, quotes in paragraphs 3-10
SAO PAULO, June 27 (Reuters) -Brazil's economic policy is going in the right direction and the country's fiscal scenario is far from getting out of control despite lots of "noise", the head of local bank federation Febraban said on Thursday.
"No country is immune to it, but we are far from fiscal uncontrollability," Isaac Sidney told a meeting with President Luiz Inacio Lula da Silva, noting that recent marketturbulences were linked toexternal issues such as high U.S. interest rates.
Sidney's remarks provide Finance Minister Fernando Haddad with key support from Brazil's business community as Latin America's largest economy tries tobalance public accounts by erasing its primary deficit this year.
The market has been skeptical about Brazil's ability to meet such target due to the rapid expansion of many mandatory expenditures and Lula's reluctance to cut spending, leading investors to punish local assets.
The Brazilian real BRBY on Wednesday hit its lowest level against the U.S. dollar since January 2022, weakening past 5.50 per greenback on fiscal worries.
"There are noises about a potential fiscal weakness - I understand and respect this argument, but we must highlight that Haddad has been reaffirming his commitment to the fiscal framework," Sidney said.
"That involves increasing revenues but he has also been vocal about the need to better control expenses."
Brazil's largest banks are all Febraban associates, including Itau Unibanco ITUB4.SA, Bradesco BBDC4.SA, Santander Brasil SANB3.SA, BTG Pactual BPAC3.SA and state-controlled Banco do Brasil BBAS3.SA and Caixa.
Sidney said Brazil must focus on sustainable growth, which he said would come from controlled inflation, balanced public accounts and subsequent lower interest rates.
"We cannot lower our guard, and I trust the government is aware of it. We all know that greater lack of control over public accounts would bring huge inflationary pressures," he said. "Haddad is in the right direction."
Reporting by Fernando Cardoso, Editing by Nick Zieminski
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