With investors worried about Brazil's fiscal situation, Brazilian Economy Minister Guidos said he could even sell some foreign exchange reserves if necessary to reduce the country's debt. Brazil's foreign exchange reserves, currently $355.5bn, are managed mainly by the central bank. Brazil's total debt could reach 96 per cent of gross domestic product by the end of this year and 100 per cent by 2025, according to the Treasury Department, as a result of increased spending to combat coVID-19.



Mr Girders says debt needs to be reduced by selling assets, reducing public bank holdings, reducing domestic debt and even selling foreign reserves. He acknowledged that the government's privatization process had not worked as expected, but said it would go ahead and he promised to take the necessary steps to reduce debt.