Economy

Brazilian bankers and economists call for more government efficiency in combating the pandemic

In the statement, they say that the worsening of the pandemic resulted in a desperate economic and social scenario, which could lead to an economic recession

Brazilian President Jair Bolsonaro
Photo: Marcelo Chello/Shutterstock
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Brazilian bankers and economists released on Sunday a statement in which they ask the federal government for more effective combat against the COVID-19 pandemic that is plaguing Brazil.

More than 500 people from the financial market sign the message, including great bankers like Roberto Setubal and Pedro Moreira Salles, co-chairmen of Itaú Unibanco‘s director board, and José Olympio Pereira, Credit Suisse‘s president.

READ ALSO: OAB appeals to the Federal Supreme Court to compel Bolsonaro to buy enough vaccines

Also, public people, such as Armínio Fraga and Gustavo Loyola, both former presidents of the Brazilian Central Bank, and Pedro Malan and Ruben Ricupero, the two former finance ministers, endorse the message.

In the statement, they say that the worsening of the pandemic resulted in a desperate economic and social scenario, which could lead to an economic recession. They also say that the federal government “misuses the resources at its disposal, including by ignoring or neglecting scientific evidence to define actions to combat the pandemic.”

READ ALSO: Brazil negotiates with the United States to import vaccines, says Itamaraty

Finally, the text points out the urgent need for four measures: accelerating vaccination, encouraging the use of masks, adopting measures of social distance, and coordinating actions to combat the pandemic by a scientists and specialists committee.

According to the message, the reduction in economic activity as a result of the pandemic has already cost BRL 58 billion to the federal government, while the delay in vaccination could cost BRL 131 billion of product or un-generated income.

The Brazilian press released the message in full, which can be read here.

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