Minister of Finance says that global scenario and shocks influence rate; defends balance between social spending and public accounts
Finance Minister Dario Durigan stated that the main cause of high interest rates in Brazil is not fiscal policy, but external factors, such as international conflicts and climate events. He said that the government seeks to balance responsibility in public accounts with social demands, without adopting abrupt measures.
The statement was made this Monday (May 4, 2026) on the Roda Viva da TV Cultura. Durigan said that the diagnosis that directly relates the public deficit to the high level of interest rates is not supported by recent data. According to him, there has been a gradual improvement in the fiscal result since 2023, even though the country records a deficit.
The minister stated that the international scenario has a relevant impact on monetary policy. He cited the effects of wars and global instability as elements that put pressure on interest rates in different countries. For him, these factors have greater weight than domestic tax conduct.
Durigan stated that the government does not work with quick solutions. According to him, there is no “silver bullet” to reduce interest rates in the short term. The strategy, he stated, consists of progressive adjustments to public accounts and maintenance of social policies.
The minister also said that the trajectory of public debt is influenced by the interest rate itself. In his opinion, the high cost of debt cannot be analyzed in isolation from the monetary environment.
Durigan stated that the government has already made an effort equivalent to approximately 2% of GDP (Gross Domestic Product) to improve the fiscal result. He said that this movement is recognized by market agents, despite persistent criticism.
The minister declared that economic policy needs to reconcile social investments and fiscal discipline. According to him, radical proposals do not find political viability in the National Congress.
For Durigan, the country needs to move forward with a model that sustains economic growth without compromising the stability of public accounts.
