World / Latin America

Brazil's Rousseff vows fiscal austerity in second term

(Agencies) Updated: 2015-01-02 03:13

BRASILIA - Brazil's government will rein in public spending to allow the economy to grow again but will do so at the minimum cost for the population, President Dilma Rousseff said in her inaugural address to Congress on Thursday.

"We will prove that it is possible to make economic adjustments without revoking rights or betraying past commitments," Rousseff said as she was sworn in for her second four-year term as Brazil's president.

"More than anybody, I know Brazil needs to resume growth. The first steps of this journey are an overhaul of the public accounts, increasing domestic savings, beefing up investments and improving productivity."

Since her re-election in October, Rousseff, 67, has signalled she would move away from the leftist, interventionist policies that have scared investors and dragged down Brazil's once-booming economy.

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