IMF deputy director: Brazilian public sector's debt "very high"

The gross debt of Brazilian public sector was very high compared with other emerging countries of the G20, said Murilo Portugal, deputy managing director of the International Monetary Fund (IMF), on Thursday.

The debt of this year made up more than 60 percent of the gross domestic product (GDP) of Brazil, while the percentage in other emerging economies was above 40 percent.

Portugal said, however, that Brazil needed to maintain a "prudent monetary policy," continue with the floating exchange rate and, especially, respect the tax liability.

Maintaining the primary surplus targets will increasingly reduce public debt, Portugal told the Parliamentary Commission of Inquiry (CPI) on Public Debt at Brazilian Deputies Chamber.

Source: Xinhua