SAO PAULO, May 30 (Xinhua) -- Inter-American Development Bank (BID) President Luis Alberto Moreno on Tuesday spoke highly of Brazil's current economic reforms, saying even the richest countries in the world dare not to tackle such challenges.
"Brazil is carrying out a series of reforms to modernize the country, reforms that not even the richest countries dare to tackle" despite the crisis in the country, said Moreno at the 2017 Brazil Investment Forum held in the city of Sao Paulo.
"It is a turning point not just for Brazil, but for all Latin America," added Moreno, referring to labor and pension reforms promoted by the government of President Michel Temer.
In his speech, Moreno also addressed the political crisis in Brazil, saying he was confident Brazil will overcome the corruption scandals that have reached high-level officials in the country.
"Brazil will come through this crisis, and Brazilians will once again regain confidence in the country and its institutions. Despite two years of recession, Brazil is still the world's sixth-largest economy," Moreno added.
Jointly organized by Brazil's government and the BID, FIB 2017 brought together business leaders from 42 countries and 22 different economic sectors.
