Brazil has made itself into a "shining example" of strong economic performance that stands in sharp contrast to Europe and Japan, US Treasury Secretary John Snow said on Tuesday. Speaking to business leaders and economists during a tour that aims to bolster the South America country's commitment to free-enterprise policies, Snow said Brazil shows that a country can master growth if its determination to reform is solid.
"With lacklustre growth in some of the largest economies in the world - in Europe and Japan - Brazil's contribution to growth is welcome," Snow said. "It is important. And it is a shining example to other countries."
Snow, in Brazil until Wednesday, is participating on Tuesday in a meeting of the US-Brazil Group for Growth, a forum the countries created in 2003 to foster co-operation.
On Monday, he met President Luiz Inacio Lula da Silva and Finance Minister Antonio Palocci, part of a US effort to underline its backing for Lula's government, which is under pressure over a vote-hiring scandal.
Snow said on Monday that Brazil's economy, which grew about 5 percent last year, appeared to be taking current events in stride, and that Brazil appeared poised for continued growth.
"Brazil today is clearly steering its own course," Snow said on Tuesday. "Brazil made the sensible decision not to pursue an IMF program which was not needed. And they are repaying the IMF early, an unmistakable sign of strength."
Brazil's lending program with the International Monetary Fund expired this year, and the government decided it did not need new credit from the international lender.