U.S. Treasury Secretary Jacob Lew on Tuesday praised the Brazilian government’s proposed structural reforms as “the right path to renewed growth.” Newly installed Brazilian President Michel Temer has proposed strict new limits on government spending, an overhaul of the nation’s bankrupt retirement system, and a loosening of restrictive labor laws. All such reforms have been deemed as essential by private sector investors. Lews met in Brasília on Tuesday with Brazilian Finance Minister Henrique Meirelles and Central Bank President Ilan Goldfajn. He was due to meet later Tuesday with Temer to discuss ways to streamline bilateral trade and boost investment. U.S. investors have expressed interest in an administration program of concession auctions and privatizations in key infrastructure areas.
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