Brazilian Finance Minister Defends Sales of Land to Foreigners

09/22/2016 - 11h02

On Wednesday, September 20, Brazil's Finance Minister Henrique Meirelles said that the change in the country's law to permit the sales of land to foreigners would represent a positive addition to help the government boost investments in Brazil.

"This is a crucial subject and we believe that it will be very positive if it is approved, as it increases investments in Brazil as well as the economy's general productivity," said Minister Meirelles after a meeting with businessmen in New York during which he was questioned on the law.

The project to allow the sales of agricultural lands to foreigners has been discussed by the Michel Temer administration - the project was vetoed in 2010. The goal is to increase investments in production; however, there are still adjustments to be made to the project.

Minister Meirelles repeated that the government' priority is to approve the limit of public expenditure, as it is a "structural issue."

Meirelles said that he does not fear that the limit will be excessive and end up affecting the recovery of the economy.

Translated by THOMAS MUELLO

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