BRASILIA, 26 June, 2021(TON): Brazilian Economy Minister Paulo Guedes stated, Brazil came close to facing fiscal collapse but the economy is now in recovery and only losses related to the pandemic will burden future generations.

During a Senate hearing held by a congressional commission on COVID-19, Guedes stressed the general improvement in the economy.

"We were hit and we spent a lot of money, but we have been regaining control of the situation. We were sinking fast, but we quickly came out of the abyss and now we are creating jobs," Guedes said.

The minister highlighted that Brazil could have been facing a situation of fiscal collapse, but we managed to control that sentiment and we are now normalizing everything again.