Brazil's new finance chief pledges balanced growth, fiscal discipline

Brasilia

BRAZIL'S incoming finance minister Joaquim Levy has vowed to cut spending and clean up the country's finances, aiming to rebuild trust with investors after years of weak growth and erratic economic policies.

In his first public comments after President Dilma Rousseff announced his appointment on Thursday, Mr Levy laid out more realistic fiscal targets and promised more balanced economic growth in Ms Rousseff's second term following her re-election victory last month. "We are not in a moment of crisis, so it is important to lay the basis for the next few years," Mr Levy told reporters, transmitting confidence and fluency with a federal budget he shaped at the Treasury a decade ago.